The market value of USDT has risen by more than 25% this year, but the number of active users has dropped significantly. Where did the newly issued USDT go? How much has flowed to the trading market?
1. As of June 3, the total market value of stablecoins was about 129.216 billion US dollars, a decrease of about 0.87% in the past month, and a decrease of about 6.22% this year.
2. The current largest market value is USDT, which is about 83.212 billion US dollars, accounting for about 64.40% of the total market value, which is nearly three times that of USDC. Its market value has risen by 1.41% in the past month, and has risen by 25.63% this year, which is close to the highest point in history.
3. Since the beginning of this year, the market value of TRC-20 USDT has increased by 34.90%, and the market value of ERC-20 USDT has increased by 19.23%. However, the growth trend of TRC-20 USDT is more significant, the increment is larger, and the growth rate is faster. At present, its market value accounts for 54.07% of the USDT market value.
4. Although the USDT market value has returned to the high point in early May 2022, behind this lies a change in the internal structure of USDT, and TRC-20 USDT has become increasingly dominant. This change in composition will play an important role in understanding the market response to changes in USDT's market value, because there are certain differences in the application scenarios of TRC-20 USDT and ERC-20 USDT.
5. Since the beginning of this year, the daily on-chain transaction volume of TRC-20 USDT has shown an obvious growth trend, with an increase of about 71.76% within the year, while the daily on-chain transaction volume of ERC-20 USDT has shown a slight downward trend, with a drop of about 0.25%. The average daily on-chain transaction volume of the two USDTs is approximately 6.917 billion USDT.
6. At present, the stock of ERC-20 USDT in the exchange is about 9.29 billion USDT, which is the highest in this year. However, its daily trading volume has shown a significant shrinking trend this year. The average daily trading volume this month was only 36.7 million USDT, a decrease of 11.35% from May.
7. The current amount of ERC-20 USDT locked in the smart contract accounts for about 15.03% of its circulation, which is equivalent to the level at the end of July 2022, which is lower than the proportion at the beginning of May 2022 when the market value was similar (at that time it accounted for than about 20%). That is to say, the market value of the same size, the current USDT scale in DeFi is likely to be smaller than before.
8. The current number of independent active addresses on the ERC-20 USDT chain is about 56,800, which is lower than the average daily number of independent active addresses of 87,000 this year, and the overall trend is declining, which means that the scale of active users of USDT is likely to decrease .
(Data source: Carol)