Every month, we’re diving deep into the state of stablecoins. There’s a lot going on in this sector and no single source of truth for people to stay up to date. So we’re taking a look at the biggest stablecoin developments and use cases, as well as what’s happening onchain — all in one place.
This is a new endeavor, so we’re all ears for making it even better. If you’d like to see any specific stats, updates or information, let us know at [email protected].
New here? Subscribe to get updates straight to your inbox.
Top Stablecoin Stats
Total market cap: $298.58B
Monthly transfer volume: $6.75T
Monthly active addresses: 44.53M
Total holders: 217.94M
USDT: $189.4B
USDC: $73.5B
USDS: $11.1B
USDe: $6.36B
PYUSD: $3.68B
The metrics are accurate at the time of publication.
What Caught Our Eye
Stablecoin transfers across the crypto sector rose 4.9% to $5.779 trillion in December, up from $5.506 trillion a month earlier, driven by continued adoption by both enterprises and consumers as regulatory clarity facilitates the usage of crypto within everyday applications. Rising transfer volumes signal that stablecoins are increasingly being trusted and used for real-world uses, especially payments and trading.
Stable launched StableChain, a USDT-native layer-1 blockchain meant to facilitate high-volume stablecoin settlements. The blockchain was launched to mainnet on December 8, and its day-one partners include Curve Finance, PayPal, WalletConnect, and USDT0.
Cobo integrated Plasma to bring USDT0, a zero-fee stablecoin backed by Tether. The integration is meant to provide high-volume, cost-free stablecoin settlements to payment service providers, OTC desks, and enterprises that process frequent transactions, leveraging Tether’s huge liquidity reserves alongside Plasma’s payment infra.
Circle’s euro stablecoin, EURC, has reached €300 million (about $352.9 million) in circulation, as demand rises for MiCA-compliant euro stablecoins that meet regulatory standards for transparency and reserves. The increase in circulation is likely driven by the broader momentum around stablecoins, but since fully reserved stablecoins like EURC can be used for cross-border payments, trading and DeFi uses without the volatility of crypto, it demonstrates confidence in regulated, fiat-backed stablecoins.
Tether led an $8 million investment in Speed1, a payments platform built on the Bitcoin Lightning Network that supports stablecoin settlements.Speed1 combines fast settlement with the price stability offered by USDT to enable payments and cross-border transfers for enterprise and institutional clients.
“You’re going to start seeing banks start to issue stablecoins to remain competitive. Name a financial institution, they will be there,”
A Chart Worth Checking Out:
Monthly USDT transfers on Ethereum hit an all-time high of 12.1 million in December, as stablecoins were increasingly used to make payments, traded on exchanges, and in various applications on DeFi platforms. In general, growing transfer amounts indicate increasing liquidity and network reliability.
10 Stablecoin Developments In December
Tether USDT stablecoin was recognized as an Accepted Fiat-Referenced Token by the Abu Dhabi Global Market, letting regulated businesses and investors in the UAE use it across the Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON ecosystems.
Anchorage Digital Bank is now a custodian for Ethena Labs’ USDe stablecoin
Publicly-traded Forward Industries tokenized its shares on Solana through Superstate, allowing investors outside the U.S. to use their shares as collateral to borrow stablecoins through Kamino’s lending platform
World Liberty Financial’s circulating supply of the USD1 stablecoin increased 19%to $3.3B by the end of December
Telcoin issued eUSD on Ethereum and Polygon as a regulated US-dollar stablecoin under its digital asset bank charter
PayPal’s PYUSD stablecoin recorded $4.3B worth of transfers on Dec. 28, its third-best day so far
Modern Treasury partnered with Paxos to add support for regulated stablecoin settlements, letting businesses manage digital and traditional payments
Urbanspace integrated Avalanche’s blockchain with its Union Square Holiday Market in New York City to let shoppers pay with USDC
Tempo launched its public testnet, offering a stablecoin-native blockchain that supports deterministic settlements, sub-second finality, and predictable transaction fees. Enterprise partners at launch include Visa, Mastercard, Deutsche Bank and Shopify
Coinbase is launching Custom Stablecoins, allowing any business to create their own version of stablecoins backed 1:1 by flexible collateral
Want to learn more?
Stablecoins Will Replace Banks | Greg Di Prisco (Talking Tokens)
SoFi Unveils Ethereum Stablecoin for Trading and Payments (DeCrypt)
Why Chairman Hill Believes Stablecoins Need the Clarity Act to Truly Thrive (CoinDesk)
Interactive Brokers Allowing Accounts to be Funded by Stablecoins (Bloomberg)
This is the State of Stablecoins. December Edition.
This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
To get this newsletter delivered to your inbox, subscribe here.
