From 2021 up to Oct 2023, USDC and USDT have dominated transfer volume on ETH mainnet relative to DAI. With USDC becoming consistently dominant after 2022.

Despite the bear market, stablecoins have found sustainable demand across 1 - 1.5M unique senders each month. Only once (Feb 2022) has the # unique senders fell below 1M senders.

Note: A unique user of 2+ stablecoins would be counted for each stablecoin.

Separating smaller transferers (here, only looking at transfers of $1,000 or less at a time) USDT dominance is unchallenged. And as ETH blockspace has become cheaper since the Terra collapse and FTX fraud, small transferers have been on a consistent uptick. Growing from under 500K unique senders to nearly 1M in October 2023.

Note: users of multiple stablecoins are counted for each stablecoin.

Market	UTC Hours
Tokyo	00 - 09 UTC
London	07 - 16 UTC
NYSE	13 - 21 UTC

Key 2021 - Oct 2023 Insights:

• USDC Volume Share hits its lowest (45%) at 10 UTC. While USDT sustains > 30% share in the Tokyo/London overlaps.
• DAI sustains >18% Volume Share from 21 - 00. For context, the Maker DAI Peg-Stability-Module (PSM) allows for 1:1 trading of DAI with USDC. Traders use this 24/7 module after NYSE hours to hedge USDC risk.

USDC adoption is very aligned to West Hemisphere / Americas market hours.

Market	UTC Hours
Tokyo	00 - 09 UTC
London	07 - 16 UTC
NYSE	13 - 21 UTC

Separating out small transfers ( <= $1,000) tells a similar story, but under the context of total USDT dominance with USDT small volume consistently averaging >58%.

USDC's trough of < 27% small volume share or less is consistently 05 - 13 UTC hours; where NYSE market hours correlate with an increase to 30% - 35% (peak) small volume share from 13 - 22 UTC.

Even separate from USDT's near monopoly on the TRON blockchain, popular in developing economies, the ETH blockchain patterns also align to the East (USDT) vs West (USDC) split in stablecoin adoption.