Brevan Howard Digital published a useful analysis in a report, “The Relentless Rise of Stablecoins”. One of the key findings is that in 2022 there were $11 trillion in onchain stablecoin transactions, compared to Visa’s $11.6 trillion.
Yes, we know, it’s not quite comparing apples with apples. People who trade high volumes of securities don’t pay using Visa, whereas a large proportion of crypto transactions are financial. Still, it’s a big number. And it supports PayPal’s interest in joining the party by issuing a stablecoin, given its transaction figure was $1.4 trillion.
The research was based on analyzing blockchain transactions, and it found around five million stablecoin addresses are active each week. Three quarters of these transact less than $1,000 week, “indicating that small/retail users likely represent the majority of stablecoin users.” Many will be paying for financial transactions as opposed to real world usage such as P2P payments. But there are certainly a reasonable amount of the latter.
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