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New Trends in the Stablecoin Ecosystem: The Rise of Distributed Value and Volume Surge to $600 Billion
The stablecoin ecosystem enters a new phase: from issuance to distribution
Stablecoins have evolved from experimental products into indispensable financial tools, with a market capitalization of $240 billion and an annual trading volume of $3.1 trillion. However, behind these numbers lie some phenomena that are worth pondering.
Main Trends
Value is shifting from issuers to distributors. Circle paid $900 million to distributors like Coinbase in 2023, accounting for more than half of its revenue, to attract users to use USDC.
Trading volume data can be misleading. 31% of the trading volume comes from high-frequency operations by MEV bots, rather than actual human activity.
Wealth is highly concentrated. Although there are 150 million stablecoin wallets, 99% of them have a balance of less than $10,000. Only 20,000 unassigned wallets control $76 billion, accounting for 32% of the total supply.
The real explosive growth occurred in the past 6 months. Since the summer of 2023, DeFi stablecoin trading volume has soared from $100 billion to $600 billion. During the same period, meme coin trading generated $500 billion in stablecoin flow.
Main Use Case Analysis
centralized exchange ( CEX )
On-chain activities of CEX mainly reflect deposits and withdrawals, inter-exchange transfers, etc., rather than internal transactions.
Decentralized Finance ( DeFi )
DeFi stablecoins are mainly used for DEX, lending markets, CDPs, etc. In the past 6 months, trading volume has increased from 100 billion USD to over 600 billion USD.
MEV
The high-frequency operations of MEV bots lead to an excessively high proportion of on-chain transaction volume, often reusing the same funds.
unassigned wallet
These wallets may represent retail investors, unidentified institutions, startups, etc., covering some of the most promising emerging use cases.
Future Outlook
The stablecoin ecosystem is shifting from focusing on issuance to emphasizing distribution and application. The future belongs to those builders who create applications, infrastructure, and user experiences. With clear regulations and the emergence of user-friendly applications, stablecoins are expected to experience exponential growth, becoming the cornerstone of global finance.