As stablecoins solidify their presence at the core of the cryptocurrency industry, multiple trends are being observed lately. Today, data reported by Lookonchain showed that Tron, Solana, and Aptos recorded significant gains in stablecoin supply over the past seven days. On the other hand, Arbitrum, Ethereum, and Hyperliquid noted substantial drops in their supply, suggesting shifting trends.
Blockchains with top stablecoin inflows
Tron
According to the data, Tron registered the biggest weekly stablecoin inflows, with an influx of $1.2 billion pulled in over the week. These massive inflows highlight Tron as the leading stablecoin powerhouse. Tron processes huge quantities of transactions in stablecoins, surpassing rival blockchains like Ethereum, Solana, and Bitcoin – also in terms of stablecoin revenues and inflows. The above figures show that Tron is one of the most utilized blockchains for stablecoin transactions. The protocol continues registering a rising demand for stable assets like USDT, which forms a massive part of transactions conducted on the network. Key factors contributing to the expanding adoption of stable assets in Tron are low transaction costs, fast processing times, and Tron’s extensive use in emerging markets.
Solana
Solana came second with stablecoin inflows of $294 million drawn in over the past seven days. This influx showcases the rising usage of Solana for stablecoin transactions and DeFi applications. Stablecoins are more than just payment instruments; they are essential tokens in the DeFi market. In Solana, these tokens are used for various DApp activities. The blockchain has emerged as a favourite network for meme coin traders, attracting trading activity from Ethereum with its more rapid transactions and lower fees.
Aptos
Aptos followed with a record of stablecoin gains worth $206.6 million registered over the period. Stablecoins in Aptos have continued gaining momentum, suggesting growing influence of the protocol in the crypto market. With more than 15 million active users interacting with various assets on Aptos, stablecoin trading volume has significantly increased on the platform. Recently, Tether, Circle, and Ethena rolled out their USDt, USDC, and USDe stablecoins on Aptos, an indicator of the network’s rising appeal to users engaging with stablecoins.
Berachain
Berachain took the fourth position with stablecoins worth $79.37 million entering the network during the week. This inflow shows that Berachain is becoming a major blockchain for digital asset transactions. Just a day ago, its DeFi TVL climbed to a staggering $3.15 billion, demonstrating its resilience and appeal to users. Furthermore, the stablecoin market capitalization on the blockchain reached $11.43 billion – a testimony to user confidence in the platform and its ecosystem’s capacity to facilitate massive transactions.
Avalanche
Avalanche settled on position five with a stablecoin influx of $69.15 million. This indicates that Avalanche is becoming a stablecoin network. Recently, the protocol saw its stablecoin market valuation reach a whopping $1.15 billion, marking its rising influence in the digital asset market and a massive milestone in its DeFi market. This significant growth highlights incredible inflows of money into the Avalanche network and enthusiasm among customers interacting with the platform.
Others
Other protocols that drew in significant quantities of stablecoins over the period include Polygon, Base, and Optimism. These networks pulled in stablecoins worth $47.46 million, $17 million, and $10.6 million, respectively, during the week.
However, certain protocols, including Arbitrum, Ethereum, and Hyperliquid, witnessed substantial stablecoin outflows, with respective drops of $438.4 million, $381 million, and $237 million. These massive outflows signify changing customer preferences and potential concerns within these networks. Lastly, as stablecoins continue to gain popularity, their function to enable trading, reduce volatility, and improve market confidence becomes more essential.
