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Stablecoin throughput rises faster than supply, signaling higher utilization
Coinbase Institutional data shows stablecoin adjusted transaction volume has climbed from a few hundred billion dollars per month in 2023 to well above $1 trillion recently.
Stablecoin growth is shifting from a model where expanding supply closely tracks activity to one where transaction throughput rises faster than the stock of tokens in circulation, according to Coinbase Institutional data cited by CryptoSlate.
The analysis says stablecoin supply has roughly doubled since January 2024, while entity-adjusted transaction volume has grown about fourfold to fivefold, widening the gap between onchain dollar liquidity held and how intensively it is used.
Stablecoin market capitalization reflects the amount of dollar-linked tokens in circulation, which captures liquidity and reserve demand, while transaction throughput reflects how often those tokens move across exchanges, payment systems, settlement workflows, and tokenized markets.
CryptoSlate reports that monthly adjusted volume has moved from a few hundred billion dollars in 2023 to well above $1 trillion in recent months, as stablecoins increasingly operate like installed capacity where a single token can settle multiple transactions before it is redeemed or returned to an exchange.