Analytics report on stablecoin usage: ā¢ New research analyzes Ethereum stablecoin activity (USDC & USDT) from Aug 2024 to Aug 2025 ā¢ Total transaction volume and counts doubled year-over-year ā¢ Payments (wallet-to-wallet) vs. DeFi (smart contracts) split roughly 50/50 by transaction count ā¢ DeFi interactions dominate total volume at 53.2% ā¢ Peer-to-peer (P2P) transfers make up 67% of payment counts but only 24% of payment volume ā¢ Usage is highly centralized with the top 1,000 wallets driving ~84% of volume ā¢ A significant portion of volume comes from internal transfers within the same organization ā¢ Spike in tiny transactions (<$0.10) suggests potential bot activity or wash trading š
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