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Stablecoin ecosystem reconstruction: issuance gives way to distribution, volume surges to 600 billion USD.
The stablecoin market enters a new phase: the shift from issuance to distribution
Stablecoins have become an indispensable financial tool in the crypto space, with a market capitalization of $240 billion and an annual trading volume of $3.1 trillion. However, behind these numbers lie many misconceptions and hidden trends.
Main Findings
The issuer is making concessions to distributors. Circle paid $900 million to distributors like Coinbase in 2023, accounting for more than half of its revenue, to attract USDC users.
31% of the trading volume comes from MEV bots, executing thousands of loop trades daily. The actual trading volume involving human participation is far lower than the surface numbers.
99% of stablecoin wallets have a balance of less than $10,000, while only 20,000 mysterious wallets control $76 billion, accounting for 32% of the total supply.
Real explosive growth occurred in the past 6 months. Since last summer, DeFi stablecoin trading volume has soared from $100 billion to $600 billion.
Meme coin trading generated $500 billion in stablecoin flow, accounting for 12% of the annual trading volume.
Changes in Market Landscape
Distribution has become a new strategic high ground. Wallets, exchanges, and applications that have user relationships are gaining more value.
New types of infrastructure are emerging, aiming to enhance the programmability, compliance, and value-sharing capabilities of stablecoins.
Stablecoins are transitioning from "cryptocurrency" to "global infrastructure", and financial institutions are reshaping products using these new channels.
The future financial world will be defined by the ecosystem formed around stablecoins, not just by the stablecoins themselves.
Models for value creation, distribution, and acquisition will see more innovations throughout the ecosystem.
With the improvement of regulatory frameworks and the rise of user-friendly applications, stablecoins are expected to experience exponential growth, becoming the cornerstone of future global finance.