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Insights

Adjusted Stablecoin Metrics Are Growing

Adjusted stablecoin volume and transactions have consistently grown since 2019 with volume growing 58% and transactions growing 35% over the last 12 months as of August 31. In 2024, the leading labeled category for Adjusted volume and transactions is Centralized Exchange with 41% and 24%, respectively.

Stablecoin Transaction Volume, Adjusted

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Nov 2017Date10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100%USD Volume
Type

Stablecoin Transaction Count, Adjusted

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Nov 2017Date10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100%Transaction Count
Type

Layer Two Blockchains' Market Share is Growing

Layer 2 networks (L2s) have collectively surpassed Ethereum in monthly transaction count, making up 83.5% of the total Ethereum network transactions for the month of August 2024. L2s are systems built on top of a main blockchain (like Ethereum) to make transactions faster and cheaper. They bundle and process transactions off the main chain and then update the main chain with their data which enables faster and lower cost transactions. In addition, L2s appear to be used for smaller transactions under $100. Of their total transactions, Base, Optimism and Arbitrum’s sub $100 transactions make up 62%, 63%, and 42%, respectively, of their total transactions.

Stablecoin Transaction Count, by Blockchain

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Dec 2023Date10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100%Transaction Count
Blockchain
Ethereum
Optimism
Arbitrum
Base

Transaction Size, by Blockchain (August 2024)

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ethereumoptimismarbitrumbaseBlockchain10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100%Transaction Count
Transaction Size
a. < $100
b. $100 - $1k
c. $1k - $10k
d. $10k - $100k
e. $100k - $1M
f. $1M - $10M
g. > $10M

USDC Growing on Base

The Base blockchain was launched in August of 2023 by Coinbase and has since seen significant growth of USDC stablecoin activity in recent months. Base has seen growth in addresses from less than 100 in September 2023 to nearly 700K in August 2024. USDC on Base has grown to $3B in total supply over the same period.

Transaction Volume, USDC on Base

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Aug 2023Date10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100%Transaction Volume

PYUSD Growing on Solana

PayPal launched their own fiat-backed USD stablecoin PYUSD and they have seen significant growth in users and supply. Users grew from 14 in November ’22 to 31K in August ’24 and supply crossed $1B on the Solana and Ethereum blockchains.

Average MAUs on PYUSD

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Nov 2022Date10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100%Addresses

Average PYUSD Supply

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Nov 2022Date10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100%Supply
Blockchain
Ethereum
Solana
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