The shocking fact behind stablecoin demand: A steep drop contradicts business expectations

Fast Take

• Stablecoin demand seems extraordinarily weak — particularly on this present market atmosphere.
• Patrick Hansen from Circle believes the stablecoin demand is rising. Nonetheless, the information signifies that this isn’t the case.
• Stablecoin steadiness on exchanges has dropped significantly from its peak in November 2022. From $44 billion to underneath $22 billion — which has both been transformed for fiat or Bitcoin.
• Subsequent, gasoline utilization on Ethereum for Stablecoins has additionally significantly dropped for the reason that SVB collapse in March. This represents simply 6% of the whole gasoline utilization from 7.5%.
• Whereas in keeping with Kaiko analysis, TUSD now accounts for 10% of worldwide stablecoin commerce quantity on centralized exchanges. Practically all this quantity is from the BTC-TUSD pair on Binance — which has zero fees.

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