Stablecoin Transfers Surpass $10.5 Trillion

Stablecoin transfers hit $10.5 trillion in January, the highest since April 2022.

In January, the volume of stablecoin transfers exceeded $10.5 trillion, marking the highest level since April 2022, according to data from Dune. 

The majority of transactions involved Circle’s “stable coin” USDC, amounting to $8.3 trillion. Tether’s USDT accounted for $1.7 trillion, while DAI ranked third with $138 billion. 

In the incomplete month of February, stablecoin transaction volumes reached $7.8 trillion, with the top three remaining unchanged. 

The highest activity in January was recorded on the L2 solution Base, which processed transfers worth $5.9 trillion. Ethereum and Tron handled $2.5 trillion and $691 billion, respectively. 

During the reporting period, “stable coins” were most frequently used in liquidity pools on DEX, with a volume of $5.9 trillion. In comparison, the figure for CEX was $612 billion. 

USDT Maintains Dominance

USDT remains the largest stablecoin in the market, holding a share of over 59% and a capitalization of $183.5 billion. The entire sector is valued at $311 billion. 

USDC accounts for 24.3% of the market, with a “stable coin” market value of $75.3 billion. 

Back in February, Tether acquired a $200 million stake in the online marketplace Whop. The platform integrated an open wallet development kit for transactions in USDT and USAT. 

In January, the company also invested in the interoperability protocol developer LayerZero Labs and the Hyperliquid application Dreamcash.