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The total volume of stablecoin transactions in 2024 reached $27.6 trillion, exceeding the combined transaction volume of Visa and Mastercard by 7.68%.
Stablecoins have emerged as a crucial segment within the cryptocurrency sector, serving as a significant catalyst for crypto adoption. This was emphasized by CEX.IO analysts in a report summarizing the findings of a thorough analysis of developments in the stablecoin sector observed in 2024.
The report provides several key statistics:
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- the total trading volume of crypto pairs involving stablecoins surpassed $25.8 trillion and continues to rise;
- the average daily trading volume of stablecoins increased by over 237% throughout the year;
- USDT represented an average of 79.7% of the total stablecoin trading volume;
- the overall supply of stablecoins expanded by more than 59%, reaching 1% of the total U.S. dollar issuance;
- the share of Ethereum and Tron as stablecoin issuance networks decreased from 90% to 83%, with Base, Solana, Arbitrum, and Aptos emerging as significant competitors;
- approximately 70% of all stablecoin transaction volume was linked to trading bots, with this figure reaching 98% on Solana and Base.
One of the primary conclusions drawn from the report is that stablecoins are increasingly utilized for savings and financial transactions due to their cost efficiency compared to traditional payment methods. However, their primary function remains in crypto trading and decentralized finance (DeFi).
Additionally, the report underscores the rise of yield-bearing stablecoins, which constituted about 3% of the total stablecoin market by the end of 2024. These assets were also a significant factor behind the 414% increase in the market capitalization of tokenized treasury bonds. The influence of tokenization and stablecoins on the growing demand for short-term government bonds was even discussed at a U.S. Treasury Department meeting.
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