Crypto Market Loses $2 Trillion, But Stablecoin Activity Defies Downturn

The crypto market suffered a $2.1 trillion loss in value over the past year, but surprisingly, on-chain economic activity remained resilient at $9.4 trillion.

This discrepancy is due to the growing popularity of stablecoins, which expanded by 5.3% despite declining overall service receipts.

In fact, stablecoin use accounted for 96% of domestic peer-to-peer activity and saw a significant increase in cross-border transfers, up 77.5% to $220.3 billion.