In a plot twist worthy of a sci-fi novel, stablecoins have officially stolen the financial show, outpacing Visa and Mastercard’s combined transfer volumes in 2024. According to crypto experts at CEX.io, stablecoin transfers soared to a mind-boggling $27.6 trillion, a 7.7% lead over the payment behemoths. 🚀
These digital coins are not just making waves; they’re creating a financial tsunami. The supply of stablecoins exploded like a supernova, growing by over 59% and reaching a peak of $200 billion in September. By the end of the year, they accounted for 1% of the total US dollar supply, up from a mere 0.63% at the start. 🌟
Tether’s USDT still leads the pack, but its market share slipped from 70.5% to 67.7%. Meanwhile, Circle’s USDC strengthened its position, rising from 18.4% to 21.5%, thanks to the magic of decentralized finance (DeFi). Ethena’s USDe made a splash, multiplying its supply 40 times and capturing a 2.88% market share, securing the bronze medal in the stablecoin Olympics. 🏅
Source: DeFiLlama
USDe’s Surged 6,300%, While Yield-Bearing Stablecoins Skyrocket 583% in 2024
Algorithmic and crypto-backed stablecoins went on a wild ride in 2024, with supply surging by 92%. USDe was the star of the show, recording a jaw-dropping 6,347.25% increase. By December, USDe had overtaken DAI, capturing 37% of the crypto-backed stablecoin market. 🚀
Source: CEX.io
Fiat-backed stablecoins also had a growth spurt, expanding by 54.8%. However, their market dominance dipped from 93.62% to 92.2%. PayPal’s PYUSD was a key player in this sector’s growth, thanks to its Solana blockchain integration. On the flip side, TUSD took a nosedive, plummeting by 78% after Binance gave it the boot due to regulatory woes. 📉
Source: CEX.io
Yield-bearing stablecoins had an extraordinary year, with market capitalization soaring 583%. sUSDe led the charge with a staggering 5,800% rise. Tokenized US Treasuries followed suit, climbing 414% as USD0’s supply multiplied 39 times, reaching $1.7 billion. By year-end, USYC emerged as the largest holder of tokenized Treasuries. 💰
Ethereum & Tron’s Dominance Drops from 90% to 83%
Stablecoins remained heavily concentrated on Ethereum and Tron, which together hosted 83% of the market’s supply by the end of 2024. However, their dominance waned from 90% in January, signaling a shift towards more diverse networks. Ethereum’s market capitalization grew by
Read More
- Who Is Returning on Days of Our Lives This Week?
- When Is the Nintendo Switch 2 Announcement Date? Reports Explained
- ‘As long as audience believes they’re husband and wife’: Pragya Jaiswal on working with Nandamuri Balakrishna despite double age gap
- Black Panther 3 Producer Gives Clarity on Denzel Washington’s Marvel Role
- Who Is Kendrick Lamar’s Fiancee? Whitney Alford’s Kids & Relationship History
- Solana Leaves Competition In The Dust: Blazing Speed To Fuel Price Surge?
- Telegram Rolls Out ‘Stars’ for In-App Purchases
- Dead Man’s Wire Cast Adds Colman Domingo to Gus Van Sant’s Hostage Thriller
- Bhairathi Ranagal OTT release: When and where to watch Shiva Rajkumar starrer as it marks world digital premiere
- Neil Gaiman Denies Sexual Assault Allegations in New Statement
2025-01-31 22:26