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INSTITUTIONAL

SEP 20, 2024

Analyst Note: Stablecoin Onchain Activity Remains Resilient Despite Headwinds

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“Stablecoin Onchain Activity Remains Resilient Despite Headwinds,”Gemini’s latest analyst produced with research firm Praxis Veritas, takes a closer look at how stablecoins have continued their recent success while the broader carpet market has wavered.

Since the beginning of 2024, aggregate crypto market capitalization has traded sideways in a period of consolidation, with bitcoin down some 15% from all-time highs. But the market capitalization of stablecoins had gradually retraced to less than $2 trillion by the start of September after surging to more than $2.7 trillion in the first quarter.

The resilience of the stablecoin market is due to a few factors:

  • Despite a six-month period of volatile price action in major crypto assets, stablecoin activity continues growing: According to CoinMetrics, aggregate stablecoin supply surpassed $161 billion by the end of August, approaching the previous high of 2022.
  • Falling yields in the US in recent months and trading-related use cases have contributed to robust stablecoin data: Stablecoins become more appealing when yields are low. With two-year yields close to 3.5%, the macro backdrop for stablecoin adoption is as positive as we have seen it in the past two years.
  • New use cases for stablecoins are emerging for L1 and L2 scaling solutions and value transfers in unstable currency regimes: New scaling technologies and integration into payments and transaction channels are leading to record penetration of stablecoin use in real-world financial interactions.

Read the report here

Onward and Upward,
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

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