Stablecoins
Over the past 6 months, the volume of stablecoins has remained approximately at the same level. Tether was the leader with $822 billion in volume in August, followed by USDC with $292 billion in volume, and DAI with $23 billion.
In August, USDT carried out 1.1 billion transactions, while USDC carried out only 79 million transactions. Therefore, the average transaction amount with USDT is much less than with USDC. This is because each of these stablecoins is used in different countries with different income levels.
Usage stablecoins on Tron ($590 billion) remain popular, with Ethereum in second place ($478 billion).
Curve Finance
Since launching in May 2023, the crvUSD supply has grown to over $100 million and has remained stable at around $115 million. crvUSD is issued against crypto collateral and uses AMM to manage collateral, allowing for gradual liquidation or de- liquidate collateral as prices change.
- 1st place - wstETH (55 million crvUSD),
- 2nd place - wBTC (35 million crvUSD),
- 3rd place - sfrxETH (11 million crvUSD)
Fees from crvUSD have become a significant source of income for Curve Finance. Over the past 4 weeks, crvUSD fees accounted for 25.6% of Curve's total DAO revenue ($328k out of $1.22m).
crvUSD also uses several "peg keepers" to stabilize the price. Peg keepers mint or burn crvUSD to stabilize its price relative to other stablecoins. peg keepers also provide DAO income (~$77 thousand).
MakerDAO
The DAI supply is currently at 5 billion. Over the past few years, the DAI supply has generally been declining. In August 2023, it fell to about 4.4 billion, and after increasing the rate to 8%, it rose to 5.5 billion. The price of MKR increased by 25% in the same time frame.
From DAI supply of approximately 5.5 billion DAI, ~3.1 billion DAI (56%) issued on RWA (Real World Asset) collateral. Top 3 Real World Asset vaults include:
- Monetalis for 1.25 billion (with 4% commission),
- BlockTower for 1.28 billion (4.5% )
- Coinbase Custody at 500 million (3%).
121 million of Maker's 195 million projected annual revenue comes from RWA vaults.
Aave
GHO stablecoin has reached supply peaked at more than 23 million at the end of August. At the end of September, the supply dropped to 22 million. During this time, 55.4 million GHO were created, while 32.6 million tokens were burned. The current supply of 22 million represents a fraction of the total value of assets pledged to Aave, which is $4.62 billion.
Among the 541 GHO token holders, 483 have less than 2.5 thousand tokens, while 25 have more than 100 thousand.
Since August, GHO swap activity has decreased, falling from 1 -3 million per day to the current 200 thousand - 1.5 million. Interestingly, the daily number of swaps ranges from 20 to 60, probably a limited group is engaged in this volume.
Tether
At least 2023 and bearish, the USDT market cap has grown by ~22% this year to $83.28 billion and accounts for 66% of the stablecoin market share.
Quantity Wallets holding USDT on Tron have increased by 94% since the beginning of the year, from 15.65 million to 30.35 million, and on Ethereum has increased by 60%.
Number of holders in Tron
Approximately 45 billion USDT are in exchange wallets. More than 40 billion USDT is held on non-crypto platforms, indicating increased demand for USDT in other markets.
