Stablecoin payment adoption continued to thrive last year despite massive capital outflows from the crypto market at large, according to a new report from European hedge fund manager Brevan Howard.
Analysts found that the stablecoin market settled over $11 trillion in value in 2022 and that over 25 million blockchain addresses held over $1 in stablecoins.
Stablecoin Adoption by the Numbers
The fund’s report – co-authored by Venture Co-Head Peter Johnson and quant analyst Sai Nimmagadda – analyzed “non-speculative stablecoin usage” across a range of blockchains and layer 2 networks.
Blockchains included Ethereum Tron, Binance Smart Chain (BSC), Polygon, Optimism, Arbitrum, Fantom, and Avalanche. The stablecoins analyzed included USDT, USDC, BUSD, and TUSD – all of which are backed by bank deposits, US Treasuries, and other highly liquid cash equivalents.
“The vast majority of non-speculative activity uses fiat-backed stablecoins,” noted the report.
Usage of such tokens,
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