Cointime

Cointime

Download App
iOS & Android

Stablecoins Trading Volume Hits Record $7.4T in 2022: Report

Validated Media

Stablecoin trading volume reached a record high of $7.4 trillion in 2022, according to a report by The Defiant. This marks an increase of more than 600% from two years ago when the market saw only $1 trillion worth of transactions.

Stablecoins Surpass Major Credit Card Providers in Volume

In comparison, major credit card providers, including Mastercard, American Express, and Discover, recorded $2.2 trillion, $1 trillion, and $200 billion in volume, respectively. Only Visa had a higher volume, with $12 trillion in transactions this year.

Stablecoins are digital currencies pegged to a stable reserve asset like the US dollar and make up about 18% of the overall global crypto market cap.

USDC Gained Market Share While USDT Remained Stagnant.

The data shows that Tether (USDT), the world’s largest stablecoin, has been stagnant since last year while its major rival, USD Coin (USDC) and others, have been gaining market share at the same time.

USDC more than doubled its trading volume to $2.9 trillion in 2021, while USDT saw its transactions drop to $3.5 trillion this year from $3.7 trillion in the prior year.

The total trading volume of the seven other stablecoins tracked by CoinMetrics also increased by 30% from $1 trillion in 2021, while the trading volume of other top crypto assets plummeted by more than 90% during the same period.

Stablecoin Adoption Expected to Increase in Long-Term

Despite the market turmoil, such as the de-pegging of TerraUSD (UST) this year, investors continue to show interest in the stablecoin sector.

Leading crypto exchange Coinbase expects stablecoin adoption to increase in the long term and predicts that stablecoins native to decentralised finance (DeFi) protocols may become a meaningful share of the sector.

(By William A. Frederick)

Tether USDt Tether USDt $1.00
-0.02%
Crypto USDT
Comments

All Comments

Recommended for you

  • US Spot Bitcoin ETF Sees Net Outflow of $263.2 Million Yesterday

    On April 28, according to monitoring data from Farside Investors, the US spot Bitcoin ETF experienced a net outflow of $263.2 million yesterday.

  • US Spot Ethereum ETF Sees $50.4 Million Net Outflow

    On April 28, according to monitoring data from Farside Investors, the US spot Ethereum ETF experienced a net outflow of $50.4 million yesterday.

  • Bank of Japan Maintains Interest Rate, Meeting Expectations

    On April 28, the Bank of Japan kept its target interest rate unchanged at 0.75% for the third consecutive meeting, in line with market expectations.

  • DeFi United Raises Over 132,000 ETH to Fully Cover Kelp DAO Attack Losses

    As of April 28, the latest data shows that DeFi United, initiated by Aave in response to the Kelp DAO hacking incident, has raised over $300 million in 132,000 ETH, fully covering the $292 million loss from the issuance of rsETH due to the attack on Kelp DAO. The main contributors to this rescue effort include: Arbitrum DAO with 30,765 ETH recovered; Consensys and founder Joseph Lubin providing 30,000 ETH; Mantle contributing 30,000 ETH; Aave DAO with 25,000 ETH; Aave founder Stani Kulechov with 5,000 ETH; Ether.Fi with 5,000 ETH; Lido with 2,500 ETH; Kelp with 2,000 ETH; Golem Foundation with 1,000 ETH; Aave engineering senior vice president Emilio Frangella with 500 ETH; and BGD Labs and co-founder Ernesto with 350 ETH.

  • Iran Allegedly Begins Using Abandoned Oil Tanks for Storage

    On April 28, according to The Wall Street Journal, Iran is urgently seeking new methods for oil storage to avoid devastating production shutdowns due to the U.S. Navy's blockade and stalled negotiations. As oil accumulates domestically, Iran is restarting abandoned sites known as 'garbage storage,' utilizing makeshift containers and attempting to continue exports via rail. These unconventional measures aim to delay the onset of an infrastructure crisis and weaken the U.S. leverage in the standoff in the Strait of Hormuz.

  • AI Startup Ineffable Intelligence Secures $1.1 Billion Seed Funding, Valued at $5.1 Billion

    On April 28, AI startup Ineffable Intelligence, founded by former Google DeepMind core researcher David Silver, announced it has completed a seed funding round of up to $1.1 billion, setting a record for the largest seed investment in European history. Founded at the end of 2025, the company achieved this funding within just a few months of its establishment, with a valuation of $5.1 billion. The funding round was co-led by Sequoia Capital and Lightspeed, with participation from investors including NVIDIA, DST Global, Index Ventures, as well as Google and the UK Sovereign AI Fund. Ineffable Intelligence will focus on reinforcement learning technology, allowing AI to learn from its own experiences rather than relying on human-provided training data. This approach contrasts with the majority of mainstream AI models that are based on training with web text and is seen as an important direction towards achieving higher-level artificial intelligence. (Dongxin News Agency)

  • China Halts Meta's Acquisition of Manus, Meta Responds

    On April 28, Chinese authorities announced the halt of U.S. tech giant Meta's acquisition of the artificial intelligence startup Manus, requiring the parties involved to withdraw the acquisition deal. The National Development and Reform Commission of China stated on its official website on April 27 that the Office of the Foreign Investment Security Review Mechanism 'legally and in accordance with regulations made a decision to prohibit investment in the foreign acquisition of the Manus project, requiring the parties to withdraw the acquisition transaction.' On the same day, Meta issued a statement asserting that the deal complies with applicable laws and expressed hope that the issues raised by the Chinese side would be resolved appropriately, but did not provide further details. Meta announced the $2 billion acquisition of Manus at the end of December last year, and China confirmed its investigation into the matter in January of this year. (Dongxin News Agency)

  • Trump Expresses Discontent with Iran's Proposal to Reopen Strait of Hormuz

    On April 28, several individuals familiar with the internal discussions in the White House Situation Room revealed that President Trump has informed his aides that he does not accept Iran's latest proposal to reopen the Strait of Hormuz and end hostilities. According to officials from both the U.S. and Iran familiar with the negotiation details, the proposal also demands that the U.S. lift its maritime blockade while deliberately sidelining issues related to Iran's nuclear program. Iran has repeatedly rejected U.S. demands to suspend its nuclear program and surrender its stockpile of highly enriched uranium. The specific reasons for Trump's dissatisfaction with the proposal remain unclear, but he has consistently taken a hardline stance, stating that he will never allow Iran to develop nuclear weapons. A U.S. official admitted that accepting the proposal could prevent Trump from achieving a political victory. (Dongxin News Agency)

  • U.S. Senate Has Approximately 9 to 10 Working Weeks Left to Advance the Clarity Act as August Deadline Approaches

    On April 28, as revisions to the Clarity Act are expected to take place in May, the cryptocurrency industry is calculating how much time is left to pass comprehensive market structure legislation through a shrinking legislative window. "We have about 13 weeks left in the Senate, and we need to get some things done," said Ji Kim, CEO of the Crypto Council for Innovation, in an interview with Crypto In America, emphasizing what many in Washington see as the real deadline: getting the bill to President Trump’s desk before the August recess, when lawmakers will shift their focus to the midterm elections. Although Kim mentioned there are about 13 weeks remaining, the actual time window is tighter. Once the recess is factored in, the Senate effectively has only 9 to 10 working weeks to advance the bill, as legislators also have to deal with a busy agenda that includes the upcoming Foreign Intelligence Surveillance Act (FISA) deadline, initiating budget resolution mediation, and passing the Department of Homeland Security funding bill. However, first, the bill must pass through the Senate Banking Committee, where it has been stalled since January due to the failure to secure key industry support, delaying the initial revisions. The hoped-for April revisions are now out of reach, as Senator Thom Tillis (R-NC) requested more time from Committee Chairman Tim Scott (R-SC) to propose a compromise on stablecoin yields and incentives to the banking industry. "For me, the most important thing is not to rush the process, to hear from everyone, and to provide a rational basis for what we accept and do not accept," Tillis told reporters last week.

  • White House Cryptocurrency Advisor Hints at Major Announcement on Trump's Strategic Bitcoin Reserve in Coming Weeks

    On April 28, Patrick Witt, Executive Director of the White House Presidential Advisory Council on Digital Assets, previewed a significant announcement regarding Trump's strategic Bitcoin reserve in the coming weeks at the Bitcoin 2026 conference. Witt stated that since Trump signed the executive order to establish a strategic Bitcoin reserve last year, the team has been researching relevant mechanisms and legal interpretations to ensure that digital assets (especially Bitcoin) on the government's balance sheet are properly protected and consolidated. Meanwhile, lawmakers are pushing to codify Trump's executive action. The BITCOIN Act, reintroduced by Senator Cynthia Lummis and Congressman Nick Begich, has been renamed the 'U.S. Reserve Modernization Act,' which includes provisions to acquire one million Bitcoins over five years through a 'budget-neutral strategy.'

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company