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Stablecoin Market Catchup


General observations

  • In 2022, overall stablecoin supply declined from $164.2b to $142.2b (-13.4%)
  • Spikes in the number of larger transactions (>$100k in value) during volatile events such as the fall of Terra and entities like Celsius and 3AC.
  • Since 2022, the share of smaller transaction sizes (<1k) has climbed substantially, whereas the opposite is true for larger transaction sizes (>1k).


  • Circle declared on August 9 that the company will comply with US sanctions by blacklisting addresses identified as unlawful by the US. This was met with strong opposition by the industry.
  • On 14 Jan 2022, market cap of USDC flipped USDT on the Ethereum blockchain.
  • Market cap of USDC peaked in July 2022, but...