Transaction Volume Stablecoins In 2022 Hits Record High Of $7.4 Trillion

Key Points:

• According to data from Coin Metrics, the total trading volume of stablecoins in 2022 has reached around $7.4 trillion, breaking last year’s record of $6 trillion.

• Mastercard’s network transaction volume reached $2.2 trillion, American Express about $1 trillion, and Visa was the only major credit card provider to process more transactions than stablecoins at around $12 trillion.

• Additionally, total USDT trading volume has dropped to around $3.5 trillion this year after peaking at $3.7 trillion last year. USDC comes in second in 2022 with about $2.9 trillion, more than double the volume of payments in 2021.

According to data from Coin Metrics, an encrypted data analysis company quoted by The Defiant, the total transaction volume of stablecoins in 2022 has set a record number.

It can be said that this year has been a volatile year for stablecoins, which has led to investors trading them more than ever. The total transaction volume of stablecoins in 2022 has reached approximately $7.4 trillion, breaking last year’s record of $6 trillion. It is far more than the $1 trillion in 2020.

During the same period, Mastercard’s network transaction volume reached $2.2 trillion, American Express around $1 trillion, and Visa was the only major credit card provider to process more transactions than stablecoins at around $12 trillion.

Additionally, total USDT transaction volume has dropped to around $3.5 trillion this year after peaking at $3.7 trillion last year. USDC ranks second in 2022 with approximately $2.9 trillion, more than double the settlement volume in 2021.

The aggregate volume of the seven other stablecoins that CoinMetrics monitors also climbed from $1 trillion last year by about 30%. The trade volume of other prominent crypto assets, in comparison, has decreased by more than 90% overall.

The performance of stablecoins, according to Coinbase, the leading U.S. exchange, is a positive indicator for the entire crypto asset class. In its 2023 Crypto Markets Outlook study, Coinbase stated:

“Stablecoins are now one of the largest sectors in the crypto ecosystem with an outsized role in storing and transferin wealth.”

According to CoinMarketCap data, stablecoins represent about 18% of the total crypto market cap.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News