Reflexity Analysis cofounder Will Clemente tweeted on Dec. 5 that stablecoins have been one of many few crypto use instances which have discovered product market match regardless of the present market situation.
Stablecoin combination quantity reaches ATH
Citing Glassnode knowledge, Clemente mentioned stablecoin’s progress was evident in a number of areas. This included the combination quantity reaching an all-time excessive regardless of the crypto winter.
The Glassnode chart under exhibits that the combination quantity for the highest 4 stablecoins surpassed $30 billion just lately.
In response to the chart, stablecoin’s combination quantity throughout the previous 12 months first spiked above $20 billion in the course of the Terra LUNA collapse round Could and June.
Whereas it spiked above the mark round September too, it dropped under $20 billion in October. Nonetheless, the latest FTX implosion has seen it surge above $30 billion.
Stablecoin combination provide on the up
The mixture provide for stablecoin can also be near an all-time excessive, based on Glassnode knowledge.
The mixture provide reached an all-time excessive of over $150 billion earlier within the 12 months earlier than the Terra-related market crash. Whereas the decline has steadily declined since then, the availability remains to be above $100 billion.
For context, the availability for Binance-backed BUSD grew from $18 billion at the beginning of the 12 months to over $22 billion. USD Coin (USDC) provide additionally crossed the $50 billion mark earlier within the 12 months earlier than dropping to its present ranges.
Stablecoin lively addresses rise
In the meantime, the variety of stablecoin lively addresses has returned to its 2021 peak. In Could 2021, there have been over 150,000 combination lively addresses.
Nonetheless, the variety of lively returned to that degree in the course of the second half of 2022 because the crypto traders handled the fallout of Terra’s crash and FTX’s implosion.
In the meantime, the variety of addresses with a non-zero stability can also be at its peak presently at over 6 million.
Clemente believes all of this was due to stablecoin use instances, which included “capital effectivity in crypto, giving entry to USD to these with out banking, amongst different causes.
