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Stablecoin ecosystem new situation: value shifts from issuance to distribution
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.
Stablecoin Market Overview
The supply of stablecoins is mainly distributed in:
Trading volume mainly comes from:
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:
For example, Circle paid nearly $900 million to partners like Coinbase to promote USDC.
Main Application Scenarios
centralized exchange ( CEX )
Mainly used for deposits, withdrawals, and transfers between exchanges.
Decentralized Finance ( DeFi )
Mainly used in DEX, lending markets, CDP, etc. DeFi trading volume grew from $100 billion to $600 billion.
MEV
MEV bots extract value by reordering transactions, leading to an excessively high proportion of on-chain transaction volume.
Unattributed Wallet
Including retail investors, unknown institutions, enterprises, etc., are the main sources of emerging use cases.
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.