In our last week’s Onchain Finance GTM Series, I broke down digital asset transaction data of the top geographies with the highest transaction volume in 2023. As I was doing tokenization GTM advisory work this week, I was reminded that, in onchain finance, there are additional border lines beyond the physical geographic divide between nations.
Not only is the onchain capital separated along national borders, it is also separated along the blockchain network on which it resides. So this week I am diving into the stablecoin transaction data to look at which blockchain platform boasts the highest transaction volume in 2024.
Why do we care about stablecoin volume and data? Because if any business wants to sell tokenized assets, they need to exchange them for tokenized USD. The more money there is on a particular chain and the more active users there are, the bigger the potential market is. If you are in the business of tokenized assets, then there is a trove of goldmine data in the research.
Here are three key questions to answer:
Which chain has the highest stablecoin transaction volume period?
Which chain has the highest number of transacting wallets?
What is the average transaction value per wallet of top chains?
By the end of this series, you will have a more complete contextual and quantitative framework to better map out your GTM decisions when it comes to supercharging your tokenization business.
Let’s dive in.
Which chain has the highest transaction volume?
Before we divide into detailed data, let's first look at the entire stablecoin market onchain.
According to DeFillama, there are currently approximately $172B stablecoin onchain, approaching the all-time high figure of $187B achieved during the 2022 bull market. This number is +31% since the start of the year. Good news for tokenization businesses.
All of this supply, or demand depending on your perspective, is in USD. If the USD is the global reserve currency in the offline world, it is even more of a global reserve currency in the onchain world. See the chart below from Visa, BrevanHoward Digital and Castle Island Ventures.
For all intents and purposes, tokenized USD cash is the entire stablecoin market.
On a transaction volume basis, the monthly number ranges between $1.3T and $3.5T this year according to analytics platform Artemis.
However, this volume is inflated by bots transactions. So what is the filtered and adjusted usage number?