Value of Stablecoins on Ethereum Sees 34% Decline, Tron Records 57.7% Growth since 2022
The value of stablecoins on Ethereum (ETH) has experienced a decline of 34% since 2022, while stablecoins on TRON (TRX) have seen a significant growth rate of 57.7% during the same period.
According to a recent report from Sixdegree Lab , the supply of stablecoins on Ethereum has been steadily decreasing, dropping from its peak of $100 billion to $66 billion, marking a 34% decline.
In contrast, stablecoin supply on Tron has followed an upward trajectory, growing from $31 billion in 2022 to $48.9 billion. This impressive increase of 57.7% aligns with the overall market price trend.
Despite the recent bull market, the overall value of stablecoins has not seen a significant increase.
Currently, the total market value of stablecoins stands at $129.5 billion, which represents a decline of 31% compared to its peak value of $188 billion.
Among the stablecoins, Tether ( USDT) holds the largest market share at 56.3%, followed by USD Coin ( USDC) at 30.5%, and DAI at 5.07%.
These three stablecoins have a combined value of $40.03 billion, $21.7 billion, and $3.6 billion, respectively.
Externally owned accounts (EOAs) hold approximately 50% of stablecoins, while centralized exchanges (CEXes) account for around 30%.
DeFi protocols, on the other hand, only hold approximately 5.5% of stablecoins, a significant decrease from its peak of around 25% in January 2022.
The decrease in stablecoin supply within DeFi protocols on Ethereum may be attributed to the emergence of Ethereum Layer2 solutions.
These Layer2 solutions have provided a more favorable environment for the development of DeFi and innovative protocols.
Addressing the holders of stablecoins on Ethereum, the majority (94.2%) hold less than $1,000 worth of
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