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Data: The supply of stablecoins has increased by more than 400% from the beginning of the year, and the real trading volume of USDT and other tokens has reached a low point in the year
DeBank data shows that the supply of stablecoins on Ethereum increased from US$3.4 billion at the beginning of the year to US$18.5 billion, an increase of 444%.
Specifically, the supply of USDT ranks first, accounting for 67.19% of the total supply of stablecoins. Followed by USDC and DAI, they accounted for 16.37% and 5.76% of the total supply of the stablecoin market, respectively. The top ten stablecoins account for 99% of the total supply of stablecoins.
Compared with the same period last year, the stablecoin market grew by 497%. The surge in the supply of stablecoins is related to the outbreak of the DeFi market this summer. A large number of stablecoins are injected into the liquidity pool, and investors earn income by providing liquidity. Among them, USDT has grown significantly, and its supply has increased by 439% since the beginning of the year.
Affected by the DeFi outbreak, the market value of USDT exceeded US$10 billion in early July, becoming the third crypto asset with a market value of over 10 billion after BTC and ETH.
In addition to USDT, the market value of other stablecoins has also grown substantially. According to the data, the market value of USDC currently reaches 3 billion US dollars, but it was less than 500 million US dollars at the beginning of the year. It has become the second largest encrypted asset in the stable currency market.
From the perspective of the overall development of the stable currency market, stable currency assets grew strongly from June to September. However, as the popularity of DeFi declined and investor demand declined, the stablecoin market slowed down in October. The data shows that the circulating supply of stablecoins increased by 10% in October, while it increased by 26% in September.
In terms of trading volume, the real trading volume of stablecoins has shrunk significantly. According to messari data, as of December 8, the real trading volume of USDT, USDC, and BUSD all dropped by more than 80%. The real trading volume of stablecoins such as USDT, USDC and PAX reached a low point during the year.