Article from:Coin Metrics, by Nate Maddrey, Coin Metrics Team
Editor | Mandy Wang Mengdie
Editor | Mandy Wang Mengdie
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The market has no shortage of explanations for this dramatic increase. Some have speculated that the growth is due to a rise in the number of investors who prefer to preserve cash flow.others propose, which is investors' response to the dollar shortage.
Although we have no way of knowing where the demand for the continuous issuance of stablecoins comes from, we can see the usage patterns of different stablecoins through on-chain data analysis, thus providing some thoughts on “why the market value of stablecoins continues to grow”.
USDT
The picture below is a heat map of USDT (USDT-ETH) transfers on Ethereum at different times of the day from February to April.
The X-axis is the date, starting from the beginning of February; the Y-axis is the different time of day, from 0-23:00 in the UTC time zone; the coloring represents the transfer amount of USDT-ETH within one hour, and the more red it is, the transfer amount higher.
It can be seen from the figure that USDT-ETH has a large amount of transfers around UTC 2:00-16:00, which corresponds to the opening hours of the secondary markets in Asia and Europe. After 20:00, the transfer volume of USDT-ETH entered the lowest point of the day, which is also the time when the New York Stock Exchange is closed.
It can also be seen from the figure that the USDT-ETH transfer volume has increased significantly since mid-March.
Paxos
Paxos (PAX) usage has also grown dramatically since March 12. In fact, PAX’s daily transfer volume has tripled since March 12 and reached an all-time high of 2.44K on May 5.
At the same time, the daily transfer volume of PAX has surpassed that of USDC and DAI.
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USDC
Before March 12, the USDC transfer peak was concentrated in the US hours. But after March 12, there was a huge increase in transfers between 1:00 UTC and 8:00 UTC, which corresponds to the hours in Asian markets.
It is worth noting that MakerDAO on March 17Added USDC as collateral, which likely led to a brief wave of transfers.
Interestingly, USDC had consecutive days in April where nearly 20% of transfers occurred within an hour. No other stablecoin in the Coin Metrics study saw more than 12% of its daily transfer volume within an hour.
DAI
Similar to USDC, DAI saw a large increase in transfers on March 12 and the following days, but has since declined.
in conclusion
in conclusion
Stablecoin transfer patterns suggest that different stablecoins have the potential to be used in different scenarios and purposes, and are favored in different parts of the world.
USDT-ETH transfers are concentrated during Asian and European market hours, and USDC remittances are also concentrated during Asian market hours, but not as intensively as USDT-ETH. PAX transfers are more fragmented, which may indicate that it has been used for non-institutional purposes. DAI transfers mostly occur during US time.
Stablecoins are a critical part of the crypto ecosystem and will only continue to grow. We will continue to track its usage and growth.
