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33% surge in weekly stablecoin volume across 9 blockchains, Artemis reports

source-logo  cryptobriefing.com 24 January 2024 21:47, UTC

Stablecoin transfer volumes rose 33% across nine different blockchains in the last seven days, according to on-chain data aggregator Artemis. Despite a 0.2% weekly fall in total supply, the number of transfers surpassed 10 billion during this period, with a 1.4 billion daily average.

Ethereum leads the pack with a registered weekly transfer volume of almost $24 billion, representing a 35% leap during this period, through 285,000 transfers. Solana takes second place with a stablecoin transfer amount close to $22 billion in the same period, a huge 78% leap, and almost 5 million transfers.

One key difference between both blockchains could be seen in the average transfer value. While the Ethereum stablecoin’s average transfer value is higher than $83,000, Solana registers a significantly smaller average of $4,500.

Of all nine blockchains tracked by Artemis, only BNB Chain, Avalanche, and Base registered falling stablecoin transfer volumes. However, the number of transfers rose in all three of them in the past seven days.

33% surge in weekly stablecoin volume across 9 blockchains, Artemis reports
Artemis’ stablecoin dashboard. Image: Artemis

Arbitrum dominates the L2 landscape

Artemis’ stablecoin activity dashboard also points to the dominance of Arbitrum over the other Ethereum layer-2 blockchains. Polygon and Optimism transfer volumes combined amount to just half of Arbitrum’s last week.

This dominance is a recurring trend, and the gap stretches if the last 30 days are taken into account. Arbitrum’s stablecoin market shows a monthly $42.8 billion transfer volume, which is 160% larger than Polygon’s $16.4 billion. The difference is even more significant when Optimism’s $8.5 billion stablecoin transfer volume comes into the picture, falling short of Arbitrum by 400%.

Base, the layer-2 blockchain created by crypto exchange Coinbase, amassed $3.2 billion in monthly stablecoin transfer volume. Although the number is 13 times lower than Arbitrum’s stablecoin transfer volume during the same period, this is significant for a chain with less than six months since its mainnet launch.