Chainfeeds Briefing:
While people are still debating the market share of USDC and USDT, true transformation is quietly taking place at the distribution layer.
Article Source:
https://www.techflowpost.com/article/detail_26092.html
Article Author p><3>:
Artemis: The growth logic of stablechanging, from the to distribution stage. In the early stage, issuers were the main value capturers, but now, users care about whether they can use stablecoins on familiar platforms and achieve convenient payment or trading in needed scenarios. With large platforms like Coinbase, Telegram, and Stripe deeply integrating stablecoin payments, distributors are beginning to take the lead. Circle even disclosed in its prospectus that distribution incentives paid to Coinbase reached $900 million in 2023, accounting for over half of its total revenue. Stablecoin issuoiners are moving from behind the scenes to the forefront, building full-stack capabilities to maintain competitiveness, areas such network effects through APIs, walwallets, and payment networks. This transformation means stableare from to. Currently, there are multiple mismisunderignments about stableoin the On one stablectransactionein transaction volume reaches $3.1,1 31% actually comes from MEV robots repeatedlyusing using for high-frequency trading, with real user transaction volume far lower than surface surface data. On the hand, hand wealth concentration is also. Although stablecoin addresses exceed 150 million, 99% of wallets have balances under $10,while less than 20,000 walcontrollets76 billion, for 32. Thesese unattwalletswalwith blurred identare placed in gray areas, with fund flows and purposes difficult to clarify. These phenomena reveal structural iminbalin stablecoin ecosystem and the-sidedness of measuring adoption solely by transaction volume or TVL. On-chain use cases become the core core indicator measuring stablecoin adoption.ablin centralized exchanges, DDeFi protocols,i MEandmarked wallets, different types of participants. of participants show significant usage variations. For example, centralized exchanges control about 27% of stablecoin supply but only 11% of on-chain transaction volume; DeFi protocols, despite occupying only of 11% supply, contribute of volume. Most significantly, MEV occupies up to 31% of on-chain transaction volume but almost no long-term holdings. Additionally,, unattributed walwallets, though numerous with low control the main part of stablecoin circulation. These on-chain data provide important perspectives for identifying real adoption,, and provide reference directions for future infrastructure construction and protocol><=".whttps://static..f.w/img/feed/b2eaa29be3ce3765a63fefff08e60a8a.jpg" alt="https://chainfeeds.substack.com">
