The total supply of stablecoins issued currently exceeds $190 billion
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According to the Coin Metrics data report, the total supply of currently issued stablecoins has exceeded $190 billion, of which USDT accounts for $125.1 billion (66%), and the Ethereum mainnet accounts for approximately $104.1 billion. After the election, the trading volume of stablecoins on major exchanges soared to $120 billion, and on-chain activity also showed an upward trend, with the adjusted stablecoin transfer volume breaking through $50 billion in November. Driven by the growth in USDC usage, the trading volume of Solana stablecoins reached a new high. Since Q3, influenced by the bullish market sentiment and the rise in financing rates, the growth of Ethena's USDe and sUSDe has been rapid, demonstrating the dynamic changes driven by stablecoin yields.
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