In January, the volume of stablecoin transfers exceeded $10.5 trillion, marking the highest level since April 2022, according to data from Dune.
The majority of transactions were conducted using the USDC stablecoin from Circle, totaling $8.3 trillion. Tether's USDT accounted for $1.7 trillion, while DAI secured third place with $138 billion.
In the incomplete month of February, stablecoin transaction volume reached $7.8 trillion, with the same top three stablecoins leading the way.
The highest activity in January was recorded on the L2 solution Base, which processed transfers worth $5.9 trillion. Ethereum and Tron handled $2.5 trillion and $691 billion, respectively.
During the reporting period, stablecoins were most frequently used in liquidity pools on DEX, amounting to $5.9 trillion. In comparison, the CEX figure was $612 billion.
USDT Maintains Dominance
USDT remains the largest stablecoin in the market, holding over 59% market share and a capitalization of $183.5 billion. The entire sector is valued at $311 billion.
USDC accounts for 24.3% of the market, with a market value of $75.3 billion.
On February 25, Tether acquired a $200 million stake in the online marketplace Whop, which has integrated an open wallet development kit for transactions in USDT and USAT.
In January, the company also invested in the interoperability protocol developer LayerZero Labs and the Hyperliquid application Dreamcash.