In 2024, stablecoins saw remarkable adoption, with an annual transfer volume of $27.6 trillion, exceeding the combined volumes of Visa and Mastercard by 7.7%. According to CEX.io, the surge in stablecoin transfers was significantly driven by bot activity, particularly on Solana and Base, with bots accounting for 70% of the total transfer volume. Tether's USDt maintained its dominance, making up 79.7% of stablecoin trading volumes. Despite this success, the stablecoin market share fell by 13.5% in 2024 due to decreased overall crypto market activity, especially in Q3. Stablecoins now represent 1% of the US dollar supply, reflecting a 59% increase in supply. Ethereum and Tron continued to dominate the stablecoin market, but their share decreased from 90% to 83%, indicating diversification towards networks like Solana, Arbitrum, and Aptos. Ethereum's stablecoin market cap climbed 65% due to lower transaction fees and optimism following the US elections.

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