Stablecoin Secrets: Only 10% Real Users?

In April, only $149 billion out of $2.2 trillion in total stablecoin transactions were considered organic payment activity.

Author

Danielle du Toit
May 06, 2024

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Here's what we've got for you today:

  • Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report

  • Bitcoin Network Reaches One Billion Transaction Milestone

  • Coinbase and Its CEO Hit with New Class-Action Lawsuit

  • Tron’s Justin Sun Dominating Liquid Restaking Protocol with 46% of Deposits

Less than 10% of stablecoin transaction volumes are organic or come from real people.

  • In April, only $149 billion out of $2.2 trillion in total transactions were deemed as "organic payments activity," excluding transactions by bots and large-scale traders.

  • Tether (USDT) and USD Coin (USDC) are still the most dominant players in the stablecoin market, accounting for about 75% and 22% of the approximately $150 billion market supply.

  • Visa and Allium Labs revealed a consistent increase in monthly active stablecoin users, reaching 27.5 million across all chains.

The Bitcoin network recently celebrated a major milestone by processing its one billionth transaction.

  • The historic transaction was officially processed and mined into block 842,241 at 9:34 pm UTC on May 5.

  • This happened exactly 15 years, four months, and four days since Satoshi Nakamoto mined the first Bitcoin block on Jan. 3 of 2009.

  • Throughout its 5,603-day existence, Bitcoin has maintained an average of 178,475 transactions per day.

The plaintiffs allege that they were deceived into buying securities and that Coinbase’s business model is illegal.

  • A class-action lawsuit has been initiated against Coinbase and its CEO Brian Armstrong in the United States District Court for the Northern District of California San Francisco Division.

  • Allegations suggest that investors were misled into buying securities, and that Coinbase's business model is illegal.

  • The lawsuit points to Coinbase's own admission of being a "Securities Broker" in its user agreement. Now, the plaintiffs want full rescission, statutory damages under state law, and injunctive relief through a jury trial.

Tron founder Justin Sun is back in the spotlight with his recent cryptocurrency deposit activity.

  • Sun, identified by his wallet "0x7a9…3095," transferred 120,000 eETH into the Swell L2 liquid restaking protocol.

  • This deposit constitutes about 46% of all deposits into the Swell L2 protocol.

  • Sun is not new to the liquid restaking sector as he played a crucial role in preventing a liquidity crisis on Curve Finance last year by buying $2.3 million worth of CRV tokens.

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