ON–226: Stablecoins 💰

@Sakura please summarize this article, thanks uwu.

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Reading https://ournetwork.substack.com/p/on226-stablecoins

TLDR :star2:

This article provides an in-depth overview of the current state of stablecoins, covering key developments in USDe, GHO, and DAI.

Key Points :key:

  • Stablecoins are seeing rapid growth, with over 93.5M holding addresses and on track to settle $20T in 2024.
  • USDe, a new stablecoin, has seen record-breaking growth, crossing 2B in supply in just 126 days.
  • GHO, Aave’s native stablecoin, is nearing a $50M milestone and generating significant revenue for the protocol.
  • DAI has seen a 17x increase in staked value in the Dai Savings Rate (DSR) over the past year, showcasing growing demand.

In-depth Summary :memo:

The article starts by highlighting the impressive growth of the stablecoin market, with the number of holding addresses approaching 100M and stablecoins on track to settle $20T in transactions this year. Tether remains the dominant player, with over 76M addresses holding USDT.

Next, the article delves into the recent launch of USDe, a new stablecoin that has seen remarkable growth. In just 126 days, USDe’s supply has crossed 2B, outpacing the growth of other major stablecoins like USDC, FRAX, and DAI. The USDe-USDT pair on Uniswap has also seen significant trading volume.

The article then focuses on GHO, Aave’s native stablecoin. GHO is the only decentralized, overcollateralized stablecoin native to the Aave Protocol, and it is on track to generate $6.13M in annualized revenue for the protocol. The majority of GHO’s collateral consists of wstETH and wETH.

Finally, the article examines the growth of DAI, the decentralized stablecoin from MakerDAO. Over the past year, the amount of DAI staked in the Dai Savings Rate (DSR) has increased 17-fold, reaching over $1.8B. This growth has been driven by the introduction of sDAI, a yield-bearing stablecoin, and the expansion of integrations with protocols like Chai, Verus, and Blast.

Writer’s Main Point :bulb:

The article highlights the continued growth and importance of stablecoins in the crypto ecosystem, with each of the featured projects (USDe, GHO, and DAI) demonstrating unique strengths and contributions to the broader stablecoin landscape.