{"uuid":"e38f1faf-f848-4dc1-4de5-08bcd66244ef","categoryUuid":"6c01fa31-d5df-4144-6ff0-aa9dba4b678d","data":{"meta":{"name":"Market: Established vs. Next-Gen Stablecoins"},"configs":[{"meta":{"content":"## Established vs. Next-Gen Stablecoins\n\n-----\n\nStablecoins have become a foundational asset class within the digital asset ecosystem, acting as the quote asset for many trade transactions on both centralized, and decentralized exchanges.\n\nThis dashboard compares the economic performance of the established major stablecoins by market cap to the next generation of stablecoin iterations.\n\nThe five major established stablecoins are:\n\n- USDT 🟢\n- USDC 🔵\n- BUSD 🟡\n- DAI 🟣\n- TUSD 🔘\n\nThe selection of the next generation of stablecoins includes:\n\n- [FRAX](https://docs.frax.finance/) ⚫\n- [RAI](https://reflexer.finance/faq/) 🔵\n- [USDD](https://usdd.io/USDD-en.pdf) 🟢"},"uuid":"02ea9796-c735-44f3-b332-db72cf65a03c","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"5d5697c4-d140-4c59-5d88-982c18aa06d3"},"uuid":"43280e6b-ddac-4eb8-bc3d-88fc33117bd7","configType":"workbench"},{"meta":{"refUuid":"5374cc00-71f3-443b-4159-e8f5ebbbe37a"},"uuid":"d65d59a1-97b2-411c-87f5-4969ad55cf02","configType":"workbench"},{"meta":{"refUuid":"7ed1f824-1004-4adf-6b92-4e5a89cdd569"},"uuid":"961b748e-e3c1-4e5a-bcc8-99a00bc87fc6","configType":"workbench"},{"meta":{"refUuid":"2305d3c2-793a-471b-53e2-90b2612cd469"},"uuid":"3dc8610b-e45a-4463-9b69-21c5197747dd","configType":"workbench"},{"meta":{"content":"## Stablecoins On-chain Activity\n\n----\n\nThe charts to the right compare the number of Ethereum addresses which hold a non-zero balance in any of the top stablecoins vs. the next-gen stablecoins. \n\nWhere an address holds more than one type of stablecoin, it will show up as one count in each trace (i.e. a wallet holding both USDT and USDC will contribute to both traces).\n\n---\n\n## Transfer Volumes\n\nThe charts below compare the daily USD denominated transfer volume of the largest stablecoins vs next-gen stablecoins.\n\nThe charts at the bottom of this section compare the number of transactions which transfer stablecoin value around the Ethereum network. This can be used to assess trends in economic activity and rising demand for each stablecoin. Comparing these values can also give us a hint whether a stablecoin is used more as a means of payment or as a store of value. \n\n\u003e Note: Active Addresses \u0026 Transfer volumes only consider transactions made on the Ethereum blockchain.\n"},"uuid":"d5000c44-31a9-40be-9274-46f2701fd6c3","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"c619198b-44de-466e-4caf-f2d03ef77c58"},"uuid":"6d063703-50c7-4996-9501-54ef39020d8b","configType":"workbench"},{"meta":{"content":"## Stablecoins and Exchanges\n\n----\n\nStablecoins remain a dominant asset in trading venues within the digital asset ecosystem. This suite of charts presents a comparison between centralised exchange flows and balances for the established vs next-gen stablecoins.\n\n➡️ The charts to the right shows the supplies held on centralized exchange reserves which we track and monitor.\n\n\n⬇️ These charts below present the individual breakdown of centralized exchange inflow and outflow volumes\n\n\n\u003e Note that these stablecoin metrics account only for supply hosted on the on Ethereum blockchain.\n"},"uuid":"87778be1-eb63-49eb-9f00-c69f22f9c406","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"11c515a8-ce57-4d43-5981-864072d78873"},"uuid":"4682c911-ea3f-4235-ad9a-51db2230dcfd","configType":"workbench"},{"meta":{"refUuid":"91b4a241-eb06-45b7-6488-812b7acbe7e1"},"uuid":"d602155d-f106-4e77-8c27-0ce6c2747fe3","configType":"workbench"},{"meta":{"refUuid":"7b6d4120-605a-4493-41c2-9d86a94162ee"},"uuid":"798f2550-9ef0-4dc1-a309-a6d773b51cbd","configType":"workbench"},{"meta":{"refUuid":"33688134-161e-478c-68ca-9e86c0eed265"},"uuid":"731a0f13-3b5f-4f9d-8fb8-27ad89e00654","configType":"workbench"},{"meta":{"refUuid":"f7500257-c20a-436e-680c-faef10906de7"},"uuid":"a0d14415-327f-468d-9d2e-739149ceb4a4","extra":{"zoom":"Reset"},"configType":"workbench"},{"meta":{"refUuid":"ecefaf78-f7b5-450c-573b-1fb6d6401838"},"uuid":"738a3e3f-bf3c-4840-80a5-1a69307c599d","configType":"workbench"},{"meta":{"refUuid":"2763294e-9a6b-4965-6bec-1398eb87c101"},"uuid":"11857f4d-c88d-45dd-bc6f-3da201bf3ca7","configType":"workbench"},{"meta":{"refUuid":"98e435fe-1d3b-4482-7b4f-b35cba936b37"},"uuid":"157ed265-1621-41ff-9d18-1a8bd933a7d4","configType":"workbench"},{"meta":{"refUuid":"e6105785-8122-4d24-5403-0eabe79d71ba"},"uuid":"c9f8121f-16e7-4642-9cd6-34fc68681cd3","configType":"workbench"},{"meta":{"content":"## Stablecoin Supplies\n\nStablecoins are a competitive landscape, with each issuer seeking to attain the largest possible market share. \n\n\n- The charts to the right track the circulating supply of established and next-gen stablecoins on the Ethereum mainnet. \n\n\n- The charts below present the relative dominance of the established stablecoins and these next-gen stablecoins.\n\nEach stablecoin dominance is calculated as follows:\n\n`Stablecoin Dominance = Coin Supply / sum(USDT, USDC, BUSD, DAI, TUSD, GUSD, HUSD, USDP, EURS, sUSD, RAI, FRAX, USDD)`\n"},"uuid":"3878d559-e1ad-4565-b5f7-b8790e6484b7","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"721395ab-1a19-4380-b447-04f9c603c3cb","extra":{"backgroundColor":"#ffffff"},"configType":"content"}],"layouts":[{"h":8,"i":"02ea9796-c735-44f3-b332-db72cf65a03c","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"43280e6b-ddac-4eb8-bc3d-88fc33117bd7","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d65d59a1-97b2-411c-87f5-4969ad55cf02","w":8,"x":4,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"961b748e-e3c1-4e5a-bcc8-99a00bc87fc6","w":6,"x":0,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"3dc8610b-e45a-4463-9b69-21c5197747dd","w":6,"x":6,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d5000c44-31a9-40be-9274-46f2701fd6c3","w":4,"x":0,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6d063703-50c7-4996-9501-54ef39020d8b","w":8,"x":4,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"87778be1-eb63-49eb-9f00-c69f22f9c406","w":3,"x":0,"y":56,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"4682c911-ea3f-4235-ad9a-51db2230dcfd","w":12,"x":0,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d602155d-f106-4e77-8c27-0ce6c2747fe3","w":6,"x":0,"y":48,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"798f2550-9ef0-4dc1-a309-a6d773b51cbd","w":6,"x":6,"y":48,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"731a0f13-3b5f-4f9d-8fb8-27ad89e00654","w":6,"x":0,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"a0d14415-327f-468d-9d2e-739149ceb4a4","w":6,"x":6,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"738a3e3f-bf3c-4840-80a5-1a69307c599d","w":12,"x":0,"y":64,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"11857f4d-c88d-45dd-bc6f-3da201bf3ca7","w":9,"x":3,"y":56,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"157ed265-1621-41ff-9d18-1a8bd933a7d4","w":12,"x":0,"y":80,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c9f8121f-16e7-4642-9cd6-34fc68681cd3","w":12,"x":0,"y":72,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"3878d559-e1ad-4565-b5f7-b8790e6484b7","w":4,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"721395ab-1a19-4380-b447-04f9c603c3cb","w":12,"x":0,"y":88,"minH":1,"minW":3,"moved":false,"static":false}]}}