stablepulse

-- show me the stablecoins!

A project by @electriccapital

[stablepulse @stablepulse]

Hello World!

We're excited to share https://t.co/aGBHm92CTo today, the latest addition to @ElectricCapital's growing suite of crypto data tools.

Follow this page for the latest updates and freshest stablecoin insights as we continue to add new data and analysis!

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

Stablecoins are the gateway drug to onchain finance.

What America Online was for the internet, but this time literally America (dollars) on Ethereum.

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

Is DeFi dead?

No. But we're also not "so back" yet.

Here's a set of numbers I look at to understand where we are in the cycle: 🧵

[conseil.eth @metacasper0_0]

🚀 **The Future of Money is Here!**

AI + #Stablecoins = Self-driving economies.

The ultimate mashup ! Imagine:

• Humans paying bots
• Bots trading with bots
• Instant, secure, low-cost on-chain transactions

This isn’t sci-fi—it’s the autonomous economy in action.

@LedgityYield spent 2 years to be regulate in Europe for that - The future is now with @chainlink - NFA

thx @stablepulse for he graph

#DeFi #Crypto #AI #Blockchain #RWA

[Polygon | POL @0xPolygon]

Polygon is for payments.

PoS ranks top three for average monthly unique stablecoin addresses by blockchain.

Data: @stablepulse

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

100B.

For the first time ever, daily onchain stablecoin transaction volume exceeded $100B/day (7d average).

We are still consistently seeing 3-4x the stablecoin volumes of the last bull.

Ignore fundamentals at your own risk.

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

Wild that the 13B Tether earns each year is just 3B short of the entire circulating supply of all other stablecoins excluding USDC.

Do we really want such a single dominant issuer of stablecoins with completely centralized control?

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

People talking like Ethereum died or something but really not sure what they're freaked out about.

Since the cycle bottom, Eth has picked up ~50B in TVL which is three entire Solanas of TVL and 14 Bases.

Ethereum also dominates in stablecoin issuance.

Yes maybe the EF can improve in a bunch of ways but lets not forget the sense of scale here.

[Geoffrey YuHasker @0x9e0ff]

1/ Ethereum & Tron's stablecoin volume dominance has plummeted from 80% to 53% in just one year. Here's why... 🧵

[stablepulse @stablepulse]

A great example of stablepulse showing major shifts in the industry.

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

Did you miss the stablecoin flippening?

@base is now neck and neck with Ethereum and Tron on stablecoin transaction volume, on many days taking the #1 spot. A huge shift over the last 6-12 months.

@stablepulse (built by @0x9e0ff) captures the action:

On many days Base's volume share exceeded 35% of all stablecoin volume.

The growth of stablecoin volumes on Base has been on a tear, reaching average daily volumes of of over 25B.

Much of the growth appears to be driven by increased trading activity through various exchange pools on @AerodromeFi.

Ethereum, Base, Tron, and Solana are now the big four stablecoin chains (by volume), representing ~90% of the total share.

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

We are solidly past 200B in stablecoin circulation, but not all stablecoins are the same!

As of today, only two of the many dozens of stablecoin projects have really worked.

To understand why, it's critical to understand that there are two different types of value that stablecoins provide.

1️⃣medium of exchange: you hold these stablecoins in order to transact (swap, lend, pay). What makes them valuable is precisely your ability to pay for other things that you might want in the future.

2️⃣yield: you hold these stablecoins primarily to gain risk exposure and grow your dollar stack.

There are only two stablecoins today that really serve first (MoE) use case: Circle and Tether. You can see how they utterly dominate onchain transaction volume.

For the yield use case, there is a much broader playing field.

While you can earn by lending out your USDC or USDT, you can most times find a better rate in other stables that are backed by higher risk assets (ethena, dai / usds, sfrax / sfrxUSD, etc.). New coins are popping up every week that represent different baskets of risk, and we expect this trend to continue.

We see similar patterns in major L1 tokens (ETH, SOL), and their liquid staking and liquid restaking tokens. Yield-focused stablecoins are just liquid staking tokens for dollars.

The big prize for any stablecoin is to win in the medium of exchange use case. As @samkazemian once explained, monetary premium is precisely the value that is created because people want to hold your coin because it can pay for stuff, independent of the yield that is generated. Stablecoins that achieve this status unlock network effects through liquidity, compatibility, and fungibility.

Yield is a great way bootstrap the circulation you need to compete as an MoE. Even USDC (which never paid out treasury yield to users) effectively did this by giving people access to rates in the 2020 DeFi summer.

The core question is which other coins can make the jump, and how many MoE stablecoins there will be in the future.

The ones that get there will have to do at least these three things right:

1. Give users access to differentiated yield earning opportunities
2. Build out a differentiated ecosystem of projects and partnerships to build utility as money
3. Leverage tokenomics grow and align an ecosystem in way that traditional fiat stablecoins issuers cannot

[Annika Lewis @AnnikaSays]

Also: I'm grateful that @stablepulse now exists as a resource

Shoutout to @ElectricCapital for creating and maintaining this excellent public good 💫

➡️ https://t.co/lUFVWu3nqs

[Felipe Montealegre @TheiaResearch]

IFS Banger Chart Series #2

Monthly Active Wallets using Stablecoins — Up only for four yeas and just broke 33M.

US Treasury Holding Comparison — Stablecoin issuers hold more US Treasuries than Germany.

Source: https://t.co/OVXua3lYv1

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

In every chart I can find (@stablepulse, @TheBlock__, @DefiLlama), we are now clearly at ATH onchain stablecoin issuance.

Even including Terra issuance from last cycle.

[The DeFi Collective (🐜,🐜, 🐜) @DeFiCollective_]

>98% of stablecoin daily transaction volumes come from assets minted by offchain issuers

Onchain stablecoin issuers have market share to get

Source: @stablepulse

[kerman kohli @kermankohli]

stablecoin supply just hit ATH

source: @stablepulse

[Geoffrey YuHasker @0x9e0ff]

While crypto's been pumping, you may have missed the all-time highs in stablecoin circulating supply at nearly $181B and daily transaction volume at $76.6B!

It will be interesting how these metrics evolve as attention ships from owning the bluechips to onchain utility.

[ANGEL † @angelofweb4_]

@ElectricCapital launched a new project, @stablepulse.

Stablepulse is a tool that tracks stablecoin data and activity in the crypto space.

But there are already so many crypto data tools; what's so special about @stablepulse?

Let's find out. 🔻

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

Easy to miss -- for the first time ever, we passed 100k wallets holding at least 100k$ of stablecoins, according to @stablepulse

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

You may still think its a bear market, but stablecoin transaction volumes are at all time highs. 📈

Lets look at @stablepulse to see whats going on -- how did we get to 40B of daily stablecoin volume across crypto? 🧵

[Ken Deeter (puntium.eth) 🦇🔊 @puntium]

Circulating supply != users for stablecoins.

One interesting observation from our @stablepulse data is that chains with relatively low total stablecoin supply can still punch above their weight when it comes to monthly active wallets.

For example BSC only represents ~2% supply share but almost ~30% of the active wallet share.

The opposite can also be true. Ethereum mainnet represents 53% of the total supply share but only 7% of active wallet share.

We'll add more data over time to try to understand this better but at a high level this suggests, that there are use cases that can reach many users without requiring a huge amount of assets (payments?).

It also suggests that today's leading use cases like DeFi will not reach the most users, proportionally speaking.

In terms of reaching the world, the lower cost chains are leading the way.

See for yourself at https://t.co/ggC3ONLiMo