Changelly Study Uncovers Three Distinct Stablecoin User Behaviors
A new study from Changelly reveals that stablecoin users no longer follow a single playbook. The research, which covered the first half of 2026, identified three distinct user behaviors: mixed-asset users, who are the smallest segment but generate the highest platform activity; stablecoin-focused users, who complete fewer transactions overall but record average transaction values up to 2.5 times higher than the platform average; and users who never interact with stablecoins.
The study found that mixed-asset users completed up to 6.2 times more transactions than those who never used stablecoins. Stablecoin-focused users, on the other hand, accounted for nearly half of all trading volume on Changelly, despite making up fewer than one in five transactions.
USDT dominated platform activity, accounting for nearly 14% of all transactions and over 40% of total trading volume. USDC was second, with just over 4% of transactions and approximately 7% of trading volume. The research also found that stablecoins now appear in 31% of Changelly's ten most frequently traded swap pairs.