Contributors

Stablecoins

USDT, USDC, DAI, TUSD, and FDUSD are the top 5 stablecoins by market. This dashboard analyzes the use of these stablecoins in token transfers and swaps across Ethereum, BSC, and Arbitrum. Ethereum contains $82.21 B worth of stablecoins by market cap, while BSC and Arbitrum contain $4.89B and $3.418B, respectively. Some major takeaways from this analysis are: - While USDT is more dominant in Ethereum and BSC, there seems to be a shift in dominance towards USDC in Arbitrum - Although BSC has a lower market cap of stablecoins compared to Ethereum, it experiences a higher number of transactions and a higher number and volume of swaps

Current Balances

USDT dominates all the other stablecoins with about ~5M wallets holding ~44B USD worth of stablecoins

Transfers

USDT covers about 17% of the total transfers. While more than 80% of the token transfers for all stablecoins are done for USDT, USDC is dominant in terms of volume. While the number of token transfers involving DAI are insignificant, DAI takes up a significant proportion of transfer volume of all stablecoins.

Most of the volume of USDT and USDC comes from selling while it comes from buying in case of TUSD and FDUSD

SWAPS

Over the past year, there has been an increasing trend in the number of swaps of USDT, decreasing the dominance of USDC. Although there were significant swap activities involving DAI in early 2020, it has been declining since then.

Conclusion

Although there has been recent growth in swaps for USDC, USDT still maintains the largest share of wallets and value among all stablecoins on the Ethereum network.
While a greater number of individual transfers involve USDT, USDC is potentially favored for larger transactions due to its higher total volume.
Despite having fewer transfers, DAI represents a significant proportion of transfer volume, indicating its potential use for specific, high-value purposes.
Over the past months, USDT has experienced an increasing swap activity, potentially challenging USDC's dominance in this area.

flipside

flipside

Stablecoins