Stablecoin ecosystem new situation: value shifts from issuance to distribution

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The Next Stage of Stablecoins: Transitioning from Issuance to Distribution

Stablecoins have become an indispensable financial tool in the cryptocurrency space, with a total supply exceeding $240 billion and an annual trading volume reaching $3.1 trillion. However, the stablecoin ecosystem is entering a new phase, with value shifting from issuers to distributors.

The "false prosperity" behind the $240 billion stablecoin: 31% of trading volume comes from bots, and 99% of wallets have less than $10,000

Stablecoin Market Overview

  • Total supply: $240 billion
  • 30-day trading volume: $3.1 trillion
  • Reserve Income: 10 billion US dollars

The supply of stablecoins is mainly distributed in:

  • Centralized Exchange: 27%
  • DeFi Protocol: 11%
  • Unattributed Wallet: 54%

Trading volume mainly comes from:

  • DeFi:21%
  • MEV:31%
  • Unattributed Wallet: 35%

"False Prosperity" Behind $240 Billion Stablecoin: 31% of Trading Volume Comes from Bots, 99% of Wallets Hold Less Than $10,000

The Transition from Issuance to Distribution

In the early stages, value is primarily concentrated in the issuer. Tether and Circle achieve huge revenues through reserve earnings.

Now, distributors are becoming a strategic high ground:

  • Control user relationships and experiences
  • Determine which stablecoins receive attention
  • Obtain large promotional fees from the issuer

For example, Circle paid nearly $900 million to partners like Coinbase to promote USDC.

240 billion stablecoin behind the "false prosperity": 31% of trading volume comes from bots, 99% of wallets hold less than 10,000 dollars

Main Application Scenarios

centralized exchange ( CEX )

  • accounting for 27% of the total supply
  • Account for 11% of the total trading volume
  • Reserve income of 3 billion USD

Mainly used for deposits, withdrawals, and transfers between exchanges.

"False Prosperity" Behind $240 Billion Stablecoin: 31% of Trading Volume Comes from Bots, 99% of Wallets Have Less Than $10,000

Decentralized Finance ( DeFi )

  • Account for 11% of the total supply
  • Account for 21% of total trading volume
  • Reserve income of $1.1 billion

Mainly used in DEX, lending markets, CDP, etc. DeFi trading volume grew from $100 billion to $600 billion.

240 billion stablecoin behind "false prosperity": 31% of trading volume comes from bots, 99% of wallets hold less than 10,000 USD

MEV

  • Accounted for 31% of total trading volume

MEV bots extract value by reordering transactions, leading to an excessively high proportion of on-chain transaction volume.

The "false prosperity" behind the $240 billion stablecoin: 31% of trading volume comes from bots, and 99% of wallets hold less than $10,000

Unattributed Wallet

  • Account for 54% of the total supply
  • accounting for 35% of total trading volume
  • Reserve income of 5.6 billion USD

Including retail investors, unknown institutions, enterprises, etc., are the main sources of emerging use cases.

"False Prosperity" Behind the $240 Billion Stablecoin: 31% of Trading Volume Comes from Bots, 99% of Wallets Have Less Than $10,000

Conclusion

The stablecoin ecosystem is entering a new stage, with value shifting towards participants that build applications and infrastructure. The focus is moving from the currency itself to programmable systems, which are expected to experience exponential growth. The future will be defined by the ecosystem formed around stablecoins, rather than the stablecoins themselves.

"False Prosperity" Behind $240 Billion Stablecoin: 31% of Trading Volume Comes from Bots, 99% of Wallets Have Less Than $10,000

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AltcoinAnalystvip
· 7h ago
Historical data shows that the on-chain trading volume of stablecoins is also rising rapidly... It is recommended to manage your Position well.
View OriginalReply0
NeverPresentvip
· 07-09 04:27
Doing well in distribution doesn't necessarily mean you can get on shore; it depends on the economic situation~
View OriginalReply0
RugDocDetectivevip
· 07-08 06:31
This is the beginning of institutional power.
View OriginalReply0
ProofOfNothingvip
· 07-08 06:30
Distributors are invincible, is it fragrant?
View OriginalReply0
nft_widowvip
· 07-08 06:20
There is an opportunity in the ecology sector!
View OriginalReply0
MindsetExpandervip
· 07-08 06:12
The stablecoin is amazing.
View OriginalReply0
OnchainDetectiveBingvip
· 07-08 06:02
It seems that centralization is going to win...
View OriginalReply0
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