Stablecoin Stats
Now that 2024 is already officially more than halfway over, we decided to look at the performance of stablecoins so far throughout the year and see which significant statistics stood out to us.
Here at Rise, we recently ran a poll asking Linkedin and X (Twitter) users which stablecoin they preferred and the results showed that 86.2% of users said they choose USDT over USDC.
Let’s now dive in and see what else is happening among stablecoins in 2024:
Active Users of Stablecoins: As of May 2024, there are over 27.5 million active users engaging with stablecoins (B2binpay)
Growth in Stablecoin Transactions: The volume of transactions using stablecoins has increased by 50% year-over-year, indicating rising trust and usage. (B2binpay)
USDC Most Trustworthy?: In June 2024, when major exchanges delisted prominent stablecoins for European users due to MiCA regulation enforcement, USDC remained the only stablecoin not affected. (Rise)
Stablecoins in Global Remittances: Approximately 30% of global remittances are now facilitated through stablecoins, reflecting their growing utility in cross-border transactions. (Circle)
Stablecoin Adoption by Businesses: Over 25% of businesses worldwide have begun accepting stablecoins as a form of payment. (Circle)
Stablecoins in DeFi Protocols: Over 75% of decentralized finance (DeFi) transactions are conducted using stablecoins, underscoring their importance in the DeFi ecosystem. (B2binpay)
All Stablecoin Trade Volume Makes Over 80% of the Total Crypto Market: More than 80% of the daily volume of the cryptocurrency market is made up of trades involving stablecoins. Notably, the most popular stablecoin, Tether, consistently registers the biggest daily trade volume on the market. (TechReport)
Stablecoins Account for 65% of Crypto Payroll Transactions: In 2024, stablecoins like USDT and USDC dominate the crypto payroll landscape, making up 65% of all transactions in this area. (TechReport)
Total Stablecoin Market Cap: The stablecoin market cap has reached approximately $165.93 billion as of July 2024, reflecting a steady growth trend.
Market Cap of USDT: Tether (USDT) maintains the largest share with a market cap of $114.08 billion, making it the most dominant stablecoin. (Coinmarketcap)
Stablecoin Use in E-commerce: An estimated 15% of e-commerce transactions are now processed using stablecoins, reflecting their growing acceptance among online merchants. (Circle)
Monthly Growth Rate of Stablecoins: The stablecoin market has experienced a monthly growth rate of 3% in 2024, driven by increased adoption and transaction volume. (CoinEdition)
Stablecoin Liquidity Pools: Liquidity pools for stablecoins in decentralized exchanges have grown by 40%, indicating increased participation in yield farming and liquidity provision. (B2binpay)
PYUSD Market Cap: As of July 2024, the market cap of the new PayPal USD stablecoin is approximately $398.62 million, ranking it #156 among cryptocurrencies. (Coinmarketcap)
Two-Year High: In May 2024 Stablecoin Market Cap hit $161 billion, reaching a two-year high. (Coinmarketcap)
Stablecoin Lending Growth: The total value locked in stablecoin lending platforms reached approximately $52 billion in 2024, reflecting a 36% increase from around $38 billion in 2023. (TheBlock)
USDC Adoption Growth: Wallets with USDC stablecoin grew by 59% in 2023. (Circle)
Stablecoin HODLers: The number of addresses holding stablecoins has surged by approximately 15% in 2024, reaching a record high of over 104.92 million by July. (AntierSolutions)
CBDCs Around The World: As of March 2024, three countries had launched functioning CBDCs: The Bahamas, Jamaica, and Nigeria. (Investopedia)
Regulatory Compliance: 80% of stablecoins in circulation adhered to at least one form of regulatory compliance, up from 60% in 2023.
Institutional Holdings: Institutional investors held 30% of the total stablecoin supply (Stablecoin Insider)
Stablecoin Yields: Average yields on stablecoin savings accounts reached 6%, attracting more traditional investors.
Truly Global Demand: The top five countries with the most global contractors getting paid with stablecoins on Rise are: United States, India, Great Britain, Nigeria, Morocco. (Rise)
Fiat to Stablecoins: On Rise, 53% of global independent contractors have chosen to withdraw their earnings in crypto such as stablecoins after their employer funded payroll in fiat. (Rise)