Coin Metrics' State of the Network • 0 implied HN points • 19 Nov 24
- The total supply of stablecoins has reached $189 billion, with Tether's USDT being the most popular, making up 66% of that amount. Ethereum holds a significant part of the stablecoin market, showing its importance in the space.
- Stablecoins are vital in up markets as they help facilitate trading, with volumes hitting $120 billion. They also act as a safe place to store value, making them useful in both rising and falling markets.
- On-chain activity with stablecoins is growing, especially on Solana, where transaction counts have soared. New stablecoins are also entering the market, driven by demand for yield and innovative financial products.