USDC Turnover Exceeds Tether by 10 Times

The on-chain turnover of USD Coin (USDC) this year has reached 741 times, surpassing Tether (USDT) by 74 times. The total transfer volume of stablecoins has been recorded at $41.7 trillion (approximately 5 quadrillion 7463 trillion won), with USDC accounting for $32 trillion (approximately 4 quadrillion 4096 trillion won), which represents 77% of the total. CoinMetrics analyzed that USDC's transfer dominance has continued since it surpassed Tether in adjusted transfer volume in 2024. However, it cannot be concluded that the increase in transfer amounts directly correlates with the same level of payment usage. Over 90% of USDC transfers were concentrated on specific contracts, with flash loans making up 23% of the total. In Ethereum-based USDC, flash loans accounted for 65% of the transfer volume. For Tether, flash loans represented 46% of Ethereum-based transfers, while centralized exchange fund flows accounted for 9%. In Tron-based Tether, centralized exchange fund flows were confirmed at 19%, with the remaining 80% categorized as unidentified activities. Stablecoins are used for fund storage, transfers, and settlement, with large transfer volumes including inter-exchange settlements and collateral movements.