The Relentless Rise of Stablecoins

By Peter Johnson and Sai Nimmagadda

One of our core theses is that global audiences will increasingly access dollars via stablecoins (also known as cryptodollars). This is a thesis that individual members of our team have been actively writing, speaking, and investing behind for over five years. During this time, the value of stablecoins outstanding has grown from less than $3bn to over $120bn today. Most recently, in a move that both highlights the opportunity in stablecoins and could upend global financial services, PayPal, a payments company with a $70bn market cap and over 400mm active users, launched its stablecoin, PYUSD.

To better understand the explosive growth of stablecoins, we conducted an extensive study of onchain stablecoin activity. Results of this study are presented across seventy graphs and multiple matrices, along with detailed commentary.

This report is structured to start with the ten most significant takeaways from our research, then provide additional details regarding A) weekly active addresses, B) transaction volumes ($ value), C) number of transactions, D) outstanding supply, E) holdings by entity type, and F) holdings by value of holdings. Across each of these areas of research, we present both the overall trends as well as breakdowns between the different stablecoins and blockchains utilized.

Download the full report here: The Relentless Rise of Stablecoins

The commentary contained in this document represents the personal views of its authors and does not constitute the formal view of Brevan Howard. It does not constitute investment research and should not be viewed as independent from the trading interests of the Brevan Howard funds. The views expressed in the document are not intended to be and should not be viewed as investment advice. This document does not constitute an invitation, recommendation, solicitation or offer to subscribe for or purchase any securities, investments, products or services, or any investment fund managed by Brevan Howard or any of their affiliates. Unless expressly stated otherwise, the opinions are expressed as at the date published and are subject to change. No obligation is undertaken to update any information, data or material contained herein.

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