Ethereum

<h2 id="quick-take">Quick Take</h2>
<ul>
<li>Stablecoin demand looks extremely weak — especially in this current market environment.</li>
<li><a href="https://twitter.com/paddi_hansen/status/1650422447659679745?s=20">Patrick Hansen</a> from Circle believes the stablecoin demand is growing. However, the data indicates that this is not the case.</li>
<li>Stablecoin balance on exchanges has dropped considerably from its peak in November 2022. From $44 billion to under $22 billion — which has either been converted for fiat or <a href="https://cryptoslate.com/wp-admin/post.php?post=310994&amp;action=edit">Bitcoin</a>.</li>
<li>Next, gas usage on Ethereum for Stablecoins has also considerably dropped since the SVB collapse in March. This represents just 6% of the total gas usage from 7.5%.</li>
<li>While according to Kaiko research, TUSD<span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> now accounts for 10% of global stablecoin trade volume on centralized exchanges.</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> Nearly all this volume is from the BTC-TUSD pair on Binance — which has <a href="https://twitter.com/KaikoData/status/1647942240642146306?s=20">zero fees</a>.</span></li>
</ul>
<figure id="attachment_319847" aria-describedby="caption-attachment-319847" style="width: 935px" class="wp-caption aligncenter"><img class="wp-image-319847 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/sta.png" alt="Exchange Balance: (Source: Glassnode)" width="935" height="528" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/sta.png 935w, https://cryptoslate.com/wp-content/uploads/2023/04/sta-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/sta-768x434.png 768w" sizes="(max-width: 935px) 100vw, 935px" /><figcaption id="caption-attachment-319847" class="wp-caption-text">Exchange Balance: (Source: Glassnode)</figcaption></figure>
<figure id="attachment_319848" aria-describedby="caption-attachment-319848" style="width: 937px" class="wp-caption aligncenter"><img class="wp-image-319848 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/10.png" alt="Stablecoin Market Share: (Source: Kaiko)" width="937" height="528" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/10.png 937w, https://cryptoslate.com/wp-content/uploads/2023/04/10-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/10-768x433.png 768w" sizes="(max-width: 937px) 100vw, 937px" /><figcaption id="caption-attachment-319848" class="wp-caption-text">Stablecoin Market Share: (Source: Kaiko)</figcaption></figure>
<figure id="attachment_319849" aria-describedby="caption-attachment-319849" style="width: 929px" class="wp-caption aligncenter"><img class="wp-image-319849 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/gas.png" alt="Ethereum Gas Usage: (Source: Glassnode)" width="929" height="523" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/gas.png 929w, https://cryptoslate.com/wp-content/uploads/2023/04/gas-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/gas-768x432.png 768w" sizes="(max-width: 929px) 100vw, 929px" /><figcaption id="caption-attachment-319849" class="wp-caption-text">Ethereum Gas Usage: (Source: Glassnode)</figcaption></figure>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/insights/the-surprising-truth-behind-stablecoin-demand-a-steep-drop-contradicts-industry-expectations/">The surprising truth behind stablecoin demand: A steep drop contradicts industry expectations</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

The surprising truth behind stablecoin demand: A steep drop contradicts industry expectations

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