The ongoing bear market did little to curb the rising use of stablecoins. On the contrary, dollar-pegged coins like USDT and USDC saw a parabolic growth in market cap this year, becoming a defacto settlement currency of the crypto industry.
Following the collapse of Terra and its algorithmic stablecoin UST, the two stablecoin giants took over the majority of stablecoin volumes — and they show no sign of stopping.
According to data from CoinMetrics, over $7 trillion in value has been settled with stablecoins in 2022. This is a significant increase from the $6 trillion settled in 2021 and the $1 trillion settled the year before.
Graph showing the total value settled with stablecoins from 2016 to 2022 (Source: CoinMetrics)
Some analysts predict that the value settled with stablecoins could reach as much as $9 trillion in 2023, second only to Visa, which processes around $12 trillion in value per year. Others believe their on-chain volume will surpass not only Visa but also the aggregate
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