Stablecoin Growth and Market Dynamics

This paper looks at how the stablecoin market is growing and changing. While many stablecoins exist, USDT and USDC dominate in supply and usage. Not all stablecoins are used the same way, USDC and DAI see more real-world and DeFi use, while others are mainly used on exchanges. Popular stablecoins keep getting more users, thanks to strong network effects. This creates a "winner-takes-most" situation, where early leaders stay ahead.

Publication Details

Journal
Zenodo (CERN European Organization for Nuclear Research)
Published
2025-06-20
DOI
https://doi.org/10.5281/zenodo.15769925
Primary Topic
Digital Platforms and Economics
Type
article
Field-Weighted Citation Impact
0.00
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article

Stablecoin Growth and Market Dynamics

Zenodo (CERN European Organization for Nuclear Research)
Digital Platforms and Economics
article

Stablecoin Growth and Market Dynamics

article en

Abstract

This paper looks at how the stablecoin market is growing and changing. While many stablecoins exist, USDT and USDC dominate in supply and usage. Not all stablecoins are used the same way, USDC and DAI see more real-world and DeFi use, while others are mainly used on exchanges. Popular stablecoins keep getting more users, thanks to strong network effects. This creates a "winner-takes-most" situation, where early leaders stay ahead.

Zenodo (CERN European Organization for Nuclear Research)
Openalex Percentile: Top 40%
Digital Platforms and Economics
DOIOpen Access PDFOpenAlex
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Stablecoin Growth and Market Dynamics · Zenodo (CERN European Organization for Nuclear Research) (2025) | TGRS Research Map | TGRS