The stablecoin market has seen a moderate boost since the beginning of October, with the current market capitalization positioned at approximately $172.7 billion. This reflects a notable increase of 27.93% from the $134.99 billion recorded earlier in the year on January 27. A significant portion, specifically 48.9%, of the stablecoins is operating on the Ethereum blockchain, while 34.92% circulate on the Tron blockchain.
The BNB Chain holds a 3.18% share, followed by Arbitrum at 2.58%, and Base at 2.14%. However, it is crucial to note that despite this expansion in the market, transfer volumes have been on a consistent decline since their peak in May. Data from Artemis Terminal reveals that the volume of stablecoin transfers, which reached an astounding $3.6 trillion in May, has now fallen significantly to $1.6 trillion as recorded last month.
As we move through October, the current transfer volume stands at approximately $1.2 trillion. In terms of active stablecoin addresses, there has been a decrease since March, although this decline is less severe compared to the drop in transaction volumes. Breaking down the $1.2 trillion in transfers for this month, $309.2 billion was processed on Ethereum while Tron managed $282.9 billion in transfers.
Together, these two platforms accounted for 49.34% of the total transfer volume for October..