Stablecoins have seen a net increase of more than $4.2 billion in the past month. Where does the main driver come from?

Since the collapse of UST, we have finally seen strong growth in stablecoin supply, with a net increase of more than $4.25 billion in the past 30 days. But which chains and which stablecoins are driving this growth trend? My main points are as follows.

Despite growth over the past month to $128.8 billion, total stablecoin supply is still down from $137 billion at the beginning of the year.

Chain status:

Ethereum: $85.3 billion -> $66.5 billion

Tron: $33.6 billion -> $48.5 billion

BSC: $9.3 billion -> $5 billion

Arbitrum: $900 million -> $1.9 billion

Solana: $1.82 billion -> $1.54 billion

Polygon: $1.7 billion -> $1.2 billion

Others: $4.7 billion -> $4 billion

Why did the supply of stablecoins on Ethereum drop so much? Overall, most stablecoins are actually growing. Except for USDC.

After the collapse of SVB, the supply of USDC dropped from $37.5 billion to $20.2 billion. Interestingly, before the collapse of SVB, the supply of USDC continued to rise.

The end of USDC and BUSD has increased USDT’s market share from 30% to 69.6% this year. Not only has the market share increased, but the supply of USDT has also reached an all-time high of $89.7 billion.

Now, let’s look at the stablecoin flows over the past 30 days:

USDT saw $4.6 billion in stablecoin inflows, while most other large stablecoins saw negative inflows.

Tron accounts for 52% of recent stablecoin inflows, while Ethereum accounts for 35%;

USDC supply continues to decline, but Solana is now seeing inflows.

In short, the driver of the growth in stablecoin supply is the increase in USDT supply on Tron and Ethereum.