Circle's market performance has not only exceeded the expectations of cryptocurrency practitioners but has also attracted the attention of the internet and traditional finance sectors to the stablecoin space. In the past, we often said that stablecoins were the killer app of the crypto world; now they also have the potential to become the killer app of global finance and trade.

From $419 million in early January 2019 to $251.748 billion today, the issuance of on-chain stablecoins has grown by 600 times over the past six and a half years. With the impending passage of the U.S. stablecoin bill, the GENIUS Act, multiple institutions predict that stablecoins will exceed $200 billion in the coming years, which is not an unreachable figure.

Stablecoins are the most important trading chips in the market; previously, the issuance of stablecoins was often linked to the performance of altcoins.

Where are these stablecoins being issued?

From the perspective of public chains, stablecoins on Ethereum ($125.982 billion) and Tron ($79.151 billion) combined account for 81.48% of the total. Solana, while performing strongly this round, still has a long way to go to catch up to Tron with its circulating stablecoin volume of $10.605 billion.

Where are these stablecoins flowing to?

According to data from CryptoQuant over the past week: on the Ethereum chain, 53,000 transactions of stablecoins flowed into Binance, leading Coinbase (42,000 transactions), Bybit (28,000 transactions), and other exchanges.

On the Tron chain, 384,000 USDT transactions flowed into Binance, surpassing Bybit (321,000 transactions), HTX (163,000 transactions), and other exchanges.

From these two data points, it is evident that Tron supports half of USDT's volume. The circulating volume of USDT on Tron ($78.369 billion) is even greater than that on Ethereum ($63.059 billion), which may surprise many.

For the entire industry, stablecoins flowing into centralized exchanges (CEX) represent purchasing power. Binance's leading position in these metrics indicates that @binance @binancezh is the preferred CEX for a large number of users, which can be attributed to Binance's industry-leading liquidity in mainstream and altcoins, robust technology, proactive operations, and trustworthy brand.