According to a record from crypto exchange CEX.IO, stablecoin transfers got to $ 27 6 trillion in 2024, exceeding Visa and Mastercard’s combined deal quantity by 7 68 %.
The report mentioned that stablecoins regularly outshined traditional settlement service providers throughout the year despite a dip in Q 3 because of more comprehensive market stagnations.
Graph showing the trading volume for stablecoins contrasted to Visa and Mastercard in 2024 (Source: CEX.IO)
This pattern indicates a shift in international compensations as heritage companies like Western Union and MoneyGram battle to adapt to an increasing need for digital assets.
The stablecoin supply expanded by 59 % during this duration, going beyond $ 200 billion. This development pushed stablecoins to stand for 1 % of the overall United States buck supply, a significant boost from 0. 63 % at the start of the year.
USDC leads as Solana gains dominance
Circle’s USDC emerged as the leading stablecoin for on-chain transactions, accounting for 70 % of total transfer volume. Nonetheless, its impact deteriorated a little in Q 3 due to a momentary decrease in DeFi task.
Tether’s USDT, the biggest stablecoin by market cap, experienced substantial development, with its overall transfer volume more than increasing. Regardless of this, its market share decreased from 43 % to 25 % in 2015.
Chart revealing the overall stablecoin supply in 2024 (Resource: CEX.IO)
Solana came to be the most energetic blockchain for stablecoin transfers, overtaking Tron and Ethereum (
$1,971.16 ) in January 2024 The surge in Solana-based task moved USDC’s market share, with 73 % of the network’s stablecoin supply linked to USDC transactions.
According to CEX.IO:
“This boost aligned with Solana’s overall ecological community development, as stablecoins on the network were primarily made use of for DeFi and other dApp activities.”
Crawlers fuel stablecoin quantity
CEX.IO pointed out that Bot-driven trading played a significant function in stablecoin purchases in 2014, with automated systems in charge of 70 % of overall volume.
According to the firm’s research, bot-driven trades were particularly dominant on Ethereum ( $1,971.16 ) , Base, and Solana.
The crypto exchange reported that unadjusted purchase quantities– largely mirroring crawler task– stood for 77 % of all stablecoin transfers in 2024 This noted a fourfold rise from 2023, with Base also surpassing Ethereum ( $1,971.16 ) in Q 4 stablecoin volume due to the increase of automated trading.
Chart showing stablecoin crawler deals in 2024 (Source: CEX.IO)
It proceeded that unadjusted transactions made up over 98 % of complete stablecoin activity in networks where USDC dominates, such as Solana and Base.
This surge was fueled by these networks’ high purchase rates, inexpensive, growing DeFi environment, and quick expansion of meme tokens. In December alone, memecoins made up 56 % of Solana’s decentralized exchange (DEX) trading quantity.
Graph revealing the unadjusted stablecoin trading quantity in 2024 (Source: CEX.IO)
Despite worries over robots adjusting markets with frontrunning and sandwich strikes, CEX.IO noted that they additionally enhance efficiency. These automated systems promote arbitrage, execute recurring wise contract purchases, and help cover users’ gas charges.
CEX.IO added:
“Consequently, bot dominance in stablecoin deals might likewise represent the maturation of specific networks.”
What following for stablecoins?
The exchange said stablecoins sealed their function as essential liquidity sources in DeFi, trading, and cross-border repayments in 2024 This trend is expected to continue 2025, particularly in post-halving cycles, which historically cause increased trading quantity and funding flows.
Supply expansion is likewise most likely to proceed. The firm kept in mind that previous market cycles showed stablecoin development prolongs past favorable stages, often continuing even in very early slumps. For example, in 2022, stablecoin supply kept increasing until March– 5 months after the market’s height. This recommends that need might continue to be consistent even if more comprehensive market problems deteriorate.
An additional vital development can entail a change past USDT-dominated networks like Tron. The report noted that USDT deals with expanding competition and boosted regulative scrutiny, which could erode its market share and influence Tron’s dominance in stablecoin deals.
At the same time, Ethereum ( $1,971.16 ) ’s upcoming Pectra update, expected in March 2025, might strengthen the network’s charm as a stablecoin center. The upgrade aims to improve scalability, minimize gas costs, and enhance customer experience throughout Ethereum ( $1,971.16 ) Layer 1 and Layer 2 networks.
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