Stablecoin transfer volume doubles Visa’s at $35 million - Coinfea

The total supply of stablecoin in circulation hit a milestone figure of $214 billion, with the total transfer also hitting $35 million, doubling Visa’s.

In a recent post by Dune, the total active wallets went up 35%, reaching a total of 30 million. Comparing USDC and USDT shows that the market cap of USDC doubled to $56 million, with reports showing that it was boosted by the MiCA and DIFC approvals. In addition, the stablecoin also enjoyed a partnership with MoneyGram and Stripe.

Stablecoin sees an uptick in activities

At the same time, USDT also experienced a $146 billion growth but has been focused on P2P remittances. Ethena Labs’ climbed up to $6.2 billion, standing as the third largest stablecoin by market cap.

According to Dune, the most liquidity of stablecoin is on centralized exchanges, with platforms like DEX, yield farming, and lending protocols generating the most volume transfer.

In terms of the flow of stablecoin, Ethereum is currently leading with a 55% market share, while Solana and Base are currently dominating in terms of transfer volume because of the DeFi sector and meme coins.

“Stablecoins offer clear benefits over traditional financial instruments, especially when moving money across borders,” the Head of Product at Base said.