Cointime

Cointime

Download App
iOS & Android

ON–298: Stablecoins

Cointime Official

From ournetwork xyz

In a major milestone for crypto this week, stablecoin supply has passed $200B. That means we have more dollar-pegged assets than ever being used for payments in personal and institutional contexts, as well as stablecoins' increasing usage in DeFi.

rwa.xyz

Widespread proliferation of stablecoins pose major downstream ramifications, not just for the payments industry, but our economy at large. On a micro level, stablecoins has the potential to bring payment costs to below a cent. On a geopolitical level, easy access to US dollars may threaten countries who have less-than-stable currencies. 

It's a still-unfolding story, but if in the past five years stablecoins went from a strange corner of crypto to a major industry, the next five appear likely to imbue our daily lives with their usage.

With that, let's check out the onchain latest for these digital assets.

Stablecoins 💰

USD0 | USDe | USDS | fxUSD | FDUSD | USDT

👥 Charlie You | Dashboard

📈 Stablecoin Supply Reaches $200B, Growing the Fastest Since 2021

  • The stablecoin market breaks $200B, setting a new all-time high. Growing $30B in just 40 days post-election (from $170B), this marks the fastest surge since 2021. Tether led the charge, adding $20B to reach $140B. Circle's USDC followed, growing $6B to $41B, while Ethena's USDe more than doubled from $2.5B to $5.5B.

rwa.xyz

  • The number of stablecoin holders continues to rise, now sitting at 133M, led by USDT (81.7M holders) and BSC-USD (25.8M). While USDC has had slower growth with 18M holders, smaller stablecoins like PYUSD and USDe continue to build momentum, showing growing market diversity.

rwa.xyz

  • USD0, a stablecoin backed by Hashnote's tokenized U.S. Treasury asset USYC, has surged over 130% in the past month, reaching a market cap of nearly $800M. This growth elevates USD0 to the position of the seventh-largest stablecoin, driven by staking rewards exceeding 30%.

rwa.xyz🔦Transaction Spotlight:In the last 5 days, Tether has pre-minted 4B of USDT on Ethereum, in clips of 1B or 2B at a time. This transaction is the latest of those pre-mints, and brings the Tether Ethereum Treasury balance up to 1.5B. Over the next few days we can expect these tokens to be sent out of the wallet, and brought into circulation, driving further growth in the stablecoin leader's supply.

Ethena 💵

👥 Matt Casto | Website | Dashboard

📈 sUSDe Total Value Locked Surpasses $4B

  • The Ethena stablecoin complex has observed significant growth over the past month as the protocol has capitalized on highly advantageous funding rates. For nearly the past month, sUSDe has surpassed 20% APY with large quantities of supply heading to Aave and Pendle. Providing context to the recent growth, over 50M USDe has been distributed to sUSDe stakers in the past month, while the sUSDe supply has more than doubled. USDe is currently the third largest stablecoin, only behind USDT and USDC.

Dune - @mcasto_

  • The impact of sUSDe on the lending environment will be touched upon soon, and it is observable that users are moving stables into USDe/sUSDe as can be seen in the sUSDe-USDT pool on Uniswap, the largest total value locked (TVL) Uniswap pool for the asset. This past day saw the largest net buying of sUSDe in the pool.

Dune - @mcasto_

  • There is strong demand for sUSDe within the lending environment which is a byproduct of the stablecoin's high yield over the past month. Aave has increased the supply cap several times in December and the cap is hit immediately. There is strong borrow demand for USDC/USDT following cap raises.

Dune - @mcasto_🔦Transaction Spotlight:This was the largest amount in a single transaction of sUSDe supplied to Aave, where 66.68M sUSDe was supplied. The address which triggered the transaction is the third largest borrower on Spark and has been observed buying large amounts of Dec. 26 PT-sUSDe lately. They used 31M sUSDe to buy more PTs over the past couple of days and will likely deposit them in Morpho, which they have done in the past. After supplying sUSDe on Aave, they borrowed $32M of wBTC.

Sky Dollar 🟡

👥 Seoulcalibur.eth | Website | Dashboard

📈 USDS Gains Momentum, Reaches $1.2B Circulating Supply with Multi-Chain Growth Post-Rebranding

  • With its rebranding to Sky Ecosystem on Sept. 18, 2024, USDS (Sky Dollar, formerly DAI) initially launched on Ethereum and quickly reached a circulating supply of $1B peaking at $1.2B in mid-November. Since then, USDS has expanded to Solana with plans to launch on Base soon. DEX trading volume has grown steadily reaching $1.2B in lifetime trading volume on Ethereum and $542M on Solana. While Ethereum still holds 94% of the total supply, USDS adoption on Solana has been increasing rapidly.

Dune - @seoul

Dune - @seoul

  • USDS transactions show distinct patterns on Solana and Ethereum particularly in transaction size. Solana transactions average $3,000 highlighting its strength in fast, low-cost microtransactions. In contrast, Ethereum transactions average $24,000 indicating its use for higher-value activities.

Dune - @seoul

  • After rebranding, DAI-to-USDS conversions reached $2.4B surpassing $1.7B in the reverse primarily driven by DEX trades. While MakerDAO's rebranding has sparked debate, USDS' growing adoption across multiple chains and its increasing supply position it as a competitor in the stablecoin market.

Dune - @seoul

f(x) Protocol 🔵

👥 pauls | Website | Dashboard

📈 $65M in Organic TVL Proves f(x) Protocol's Sustainable Stablecoin Model

  • Focused on sustainable stablecoin infrastructure, f(x) Protocol demonstrates how robust fundamentals drive real growth. As such, f(x) has grown to $65M in organic TVL while maintaining a rock-solid fxUSD peg. The upcoming v2 introduces the USD Delta-neutral Stability Pool, offering double-digit APY without inflationary token rewards - setting a new standard for sustainable DeFi yields.

DeFiLlama

  • In a testament to its sustainable design, f(x) has reached over 900 ETH distributed in protocol fees to users. This was driven by organic growth and real usage rather than token incentives.

DefiLlama

  • f(x) Protocol's yield performance has climbed from 10% to over 30% APY in recent periods. These returns derive from protocol fees and trading volume, highlighting f(x)'s sustainable economic model.

DeFiLlama🔦Transaction Spotlight:A DeFi user just deployed ~$1M USD in the fxUSD-GHO LP, chasing the protocol's compelling 30%+ APY yield from the f(x) gauge. This significant deposit demonstrates growing confidence in f(x) Protocol.

First Digital USD 🌐

👥 Etimfon Bassey Ikpong | Website | Dashboard

📈 16% of $FDUSD Trading Volume on Ethereum Remains on Centralized Exchanges with 40% of Transactional Volume on BNB Chain

  • Historically, Ethereum has been the most dominant chain in terms of stablecoin marketcap, a trend which is also visible in the supply of FDUSD. Daily mints indicating demand, supply and usage of FDUSD on Ethereum is higher compared to BNB Chain. The supply of FDUSD on Ethereum recently jumped $993M+ with current supply at $1.93B in contrast to its $921.3M+ supply a year ago.

Dune - @sharples

  • On Ethereum, FDUSD is mainly used for daily transactions such as swaps, etc as >95% supply is on Binance. On BNB chain FDUSD is used as a tool for DeFi yields.

Dune - @sharples

Tether 🍐

👥 Henry Child | Website | Dashboard

📈 USDT Transfer Volume Doubles as the Stablecoin Nears 70% Market Dominance

  • Over the last year, USDT daily transfer volume has more than doubled, from $19B to $42B (using 14 day moving-average).

Artemis

  • Aptos is the Tether-supported chain with lowest transaction fees yet — it costs $0.0002 to send USDT on the blockchain.

gasfeesnow.com

  • With $138B in circulation (up 14% over the last month), Tether maintains nearly 70% dominance of the stablecoin market share.

DeFiLlama

Comments

All Comments

Recommended for you

  • Amazon Shares Surge 15.2%, Biggest Gain Since 2012

    On July 31, Amazon shares surged 15.2% to $271.255 per share, marking their biggest gain since 2012, with a total market value of $2.92 trillion.

  • US Treasury Secretary Bessent Vows to Track Down Iranian Assets Globally for Terror Victims

    US Treasury Secretary Bessent said the US will actively track down Iranian assets worldwide to ensure compensation funds for victims of Iran-backed terrorist activities. Bessent stated that the US government's military and economic blockade measures against the Iranian regime will continue and will not be relaxed. (Jinshi)

  • Apple Plunges Nearly 10%, Q4 Revenue Guidance Misses Expectations

    On July 31, Apple (AAPL.US) plunged nearly 10% to $300.33, marking its biggest drop since April 2025. In terms of fundamentals, Apple's third-fiscal-quarter revenue rose approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Among the details, product revenue came in at $78.68 billion, beating the expected $77.25 billion. However, services revenue—a key driver of its valuation re-rating in recent years—totaled $30.74 billion, missing the consensus estimate of $31.36 billion. Additionally, Greater China revenue reached $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' forecast of $19.58 billion. During the earnings call, Apple guided fourth-fiscal-quarter revenue growth in the range of 9% to 11%, overall below the 12.1% analysts had expected. CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth fiscal quarter, with currency fluctuations also constraining growth.

  • Three Fed Officials Back Rate Hike, Hawkish Pressure Builds

    On July 31, three Federal Reserve policymakers said that dissenting votes in favor of a rate hike this week stemmed from stubborn inflationary pressures, highlighting rising internal pressure on Fed Chair Warsh to act. In statements released Friday morning, Hammack and Kashkari said they worry that although the current round of price increases may stem from short-term factors such as President Trump's tariff policies and the Iran war, the inflation situation already warrants Fed action. Logan also joined in, saying that even if inflation cools, if the Fed does not raise rates, inflation is unlikely to fully fall back to the Fed's 2% target; without any policy constraints, inflation could continue to run above target until an unexpected shock occurs. Kashkari said that if inflation remains persistently stubborn, he might support a series of rate hikes, not just a single increase, to prevent inflation from becoming further entrenched. He said: "A series of small policy adjustments may be preferable to waiting for developments to unfold and ultimately having to take more forceful action." Hammack said that if the Fed does not tighten policy, price increases could continue to accelerate. She said: "Inflation has been stubbornly above 2% for more than five years, and I have no confidence that it will return to our target on its own." (Jin Shi)

  • US 10-Year Treasury Yield Rises to 4.7388%, Highest Since January 2025

    On July 31, the US 10-year Treasury yield rose to 4.7388%, the highest level since January 2025.

  • Spot Gold Intraday Decline Widens to 2%, at $4,021.08 per Ounce

    On July 31, spot gold's intraday decline widened to 2%, reported at $4,021.08 per ounce.

  • BTC Falls Below $63,000

    Market数据显示，BTC has fallen below $63,000, currently reported at $62,985.99, with a 24-hour decline of 2.99%. Market volatility is significant, please exercise risk control.

  • Fed's Logan: Leaning Toward 25 Basis Point Rate Hike

    On July 31, Federal Reserve Governor Logan said she leans toward a 25 basis point rate hike, believing inflation has not yet entered a sustainable path back to the Fed's 2% target. Logan stated that taking moderate action now would reduce the risk of needing more aggressive tightening in the future, while emphasizing that the Fed cannot rely on unexpected shocks to achieve its inflation target.

  • Fed's Logan: Taking Modest Actions Now Reduces Likelihood of Needing Stronger Action Later

    On July 31, Dallas Fed President Lorie Logan said that taking modest actions in the near term would reduce the likelihood of needing to take stronger action in the future.

  • Philadelphia Semiconductor Index Erases 5% Gain, Turns Lower

    On July 31, U.S. chip and semiconductor stocks rapidly weakened, with the Philadelphia Semiconductor Index wiping out a 5% gain and turning lower. Micron Technology, which had risen 6%, is now down 4.2%. SanDisk, which had gained nearly 10%, is now down over 6%. SK Hynix and Seagate Technology, which had risen over 8%, are now down 2%. TSMC, which had gained 4%, is now down nearly 1%.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company