Stablecoin Transfer Volume Reaches $27.6 Trillion in 2024
In 2024, stablecoin transfer volumes surpassed $27.6 trillion, exceeding the combined volumes of Visa and Mastercard by 7.7%. This growth indicates a significant shift in global finance.
- Stablecoin supply increased by over 59%, peaking at $200 billion in September.
- Stablecoins constituted 1% of the total US dollar supply by year-end, up from 0.63% at the start of the year.
Tether's USDT led the market but saw its share decline from 70.5% to 67.7%. Circle's USDC grew from 18.4% to 21.5%, while Ethena's USDe surged by 40 times, achieving a 2.88% market share and ranking as the third-largest stablecoin.
USDe’s Growth and Yield-Bearing Stablecoins
- Algorithmic and crypto-backed stablecoins' supply rose by 92%, with USDe increasing by 6,347.25%.
- Fiat-backed stablecoins expanded by 54.8%, but their market dominance fell from 93.62% to 92.2%.
- PayPal’s PYUSD contributed significantly to this sector, while TUSD dropped by 78% after regulatory issues.
- Yield-bearing stablecoins' market cap grew by 583%, with sUSDe rising by 5,800%.
Market Dynamics and Layer 2 Developments
- Ethereum and Tron’s combined dominance decreased from 90% to 83%.
- Ethereum's market cap grew by 65% due to the Dencun upgrade, which lowered transaction fees.
- Layer 2 networks saw a 218% increase in stablecoin market cap, becoming more attractive for transactions.
- Arbitrum remained the leading Layer 2 network despite a drop from 65% to 55% market share.