Dune

Dune

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Crypto's Data Platform 📊 Organized, decoded, and human-readable blockchain data 📈 Making crypto data accessible. Start here: https://linktr.ee/DuneAnalytics

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On March 30, @aave v4 launched on Ethereum with a new Hub & Spoke architecture — 3 Liquidity Hubs (Core, Prime, Plus) and 9 isolated Spokes, each with its own risk profile. In just 4 days: $7.4M deposited, $2.4M borrowed. WETH leads deposits and borrow. USDC and USDT dominate stablecoins borrowing. Specialized spokes for @LidoFinance, @EtherFi, @ethena, @Lombard_Finance BTC, and even gold (XAUt) are already seeing activity.

The stablecoin conversation is stuck on USD dominance. Non-USD stablecoins get dismissed as a footnote, but that's because most analysis stops at supply. At PBW26, we're going beyond the headline metrics. The rise of local currency stablecoins, how they're being used as payment rails, and what this means for institutional digital asset infrastructure? it's all on the agenda. Beyond Dollarization by @Dune in partnership with Visa is the report that goes deepest on this shift. 30x growth in holder addresses. 16x in transfer volume. ~80% payments and treasury flows. Read the full report below.

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New research with @Visa: "Beyond Dollarization" Everyone tracks USD stablecoin supply at $300B. Almost nobody is tracking what's happening in local currencies. We partnered with Visa to go deeper: → Non-USD stablecoin supply grew 3x (outpacing overall stablecoins supply) →

In February, @base processed $4.4B/month in local currency stablecoin volume with only ~17K senders. The highest volume-to-sender ratio across all chains we tracked. It fits the strategy. Base is making non-USD stablecoins a core priority: beyond EURC dominance, Base is onboarding 10+ local fiat tokens (AUDD, XSGD, BRL, IDR, TRY, and more) to power payments, remittances, and lending in users' home currencies, all plugged into Coinbase's fiat on-ramps. Data from our report with @Visa → http:/dune.com/stablecoin-repo...…

Centrifuge TVL hit a new all-time high, with JTRSY alone doubling to $1.2 billion. twitter.com/Dune/status/203998...

. @ethereum still holds ~65% of non-USD stablecoin supply, down from ~90% in early 2023. It remains the default for issuance, even as other chains are catching up. While distribution and activity mostly happens on other chains (it ranks 5th by unique senders), the absolute growth is stunning: 2K to 12K unique senders YoY as of February 2026. Data from our report with @Visa → http:/dune.com/stablecoin-repo...…

Data for @Cardano is now available on Dune! Complete on-chain coverage spanning transactions, staking, smart contracts, governance, stablecoins, and DeFi protocol activity, all queryable and ready for analysis.

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