Circulating supply != users for stablecoins. One interesting observation from our stablepulse data is that chains with relatively low total stablecoin supply can still punch above their weight when it comes to monthly active wallets. For example BSC only represents ~2% supply

You may still think its a bear market, but stablecoin transaction volumes are at all time highs. 📈 Lets look at stablepulse to see whats going on -- how did we get to 40B of daily stablecoin volume across crypto? 🧵

Easy to miss -- for the first time ever, we passed 100k wallets holding at least 100k$ of stablecoins, according to stablepulse

Electric Capital ⚡️ launched a new project, stablepulse. Stablepulse is a tool that tracks stablecoin data and activity in the crypto space. But there are already so many crypto data tools; what's so special about stablepulse? Let's find out. 🔻

While crypto's been pumping, you may have missed the all-time highs in stablecoin circulating supply at nearly $181B and daily transaction volume at $76.6B! It will be interesting how these metrics evolve as attention ships from owning the bluechips to onchain utility.

stablecoin supply just hit ATH source: stablepulse

>98% of stablecoin daily transaction volumes come from assets minted by offchain issuers Onchain stablecoin issuers have market share to get Source: stablepulse

In every chart I can find (stablepulse, The Block, DefiLlama.com), we are now clearly at ATH onchain stablecoin issuance. Even including Terra issuance from last cycle.

IFS Banger Chart Series #2 Monthly Active Wallets using Stablecoins — Up only for four yeas and just broke 33M. US Treasury Holding Comparison — Stablecoin issuers hold more US Treasuries than Germany. Source: stablepulse.org

Also: I'm grateful that stablepulse now exists as a resource Shoutout to Electric Capital ⚡️ for creating and maintaining this excellent public good 💫 ➡️ stablepulse.org

We are solidly past 200B in stablecoin circulation, but not all stablecoins are the same! As of today, only two of the many dozens of stablecoin projects have really worked. To understand why, it's critical to understand that there are two different types of value that

A great example of stablepulse showing major shifts in the industry.

1/ Ethereum & Tron's stablecoin volume dominance has plummeted from 80% to 53% in just one year. Here's why... 🧵

People talking like Ethereum died or something but really not sure what they're freaked out about. Since the cycle bottom, Eth has picked up ~50B in TVL which is three entire Solanas of TVL and 14 Bases. Ethereum also dominates in stablecoin issuance. Yes maybe the EF can

Wild that the 13B Tether earns each year is just 3B short of the entire circulating supply of all other stablecoins excluding USDC. Do we really want such a single dominant issuer of stablecoins with completely centralized control?

100B. For the first time ever, daily onchain stablecoin transaction volume exceeded $100B/day (7d average). We are still consistently seeing 3-4x the stablecoin volumes of the last bull. Ignore fundamentals at your own risk.

Polygon is for payments. PoS ranks top three for average monthly unique stablecoin addresses by blockchain. Data: stablepulse

🚀 **The Future of Money is Here!** AI + #Stablecoins = Self-driving economies. The ultimate mashup ! Imagine: • Humans paying bots • Bots trading with bots • Instant, secure, low-cost on-chain transactions This isn’t sci-fi—it’s the autonomous economy in action.

Is DeFi dead? No. But we're also not "so back" yet. Here's a set of numbers I look at to understand where we are in the cycle: 🧵

Stablecoins are the gateway drug to onchain finance. What America Online was for the internet, but this time literally America (dollars) on Ethereum.