Stablecoin transfer volumes have increased by 33% over the past seven days on nine different blockchains. according to to on-chain data aggregator Artemis. Despite a weekly decline in total supply of 0.2%, the number of transfers exceeded 10 billion during this period, with a daily average of 1.4 billion.
Ethereum leads the way with a recorded weekly transfer volume of almost $24 billion, marking a 35% jump over this period, with 285,000 transfers. Solana ranks second with a stablecoin transfer amount of almost $22 billion in the same period, a huge jump of 78% and almost 5 million transfers.
An important difference between the two blockchains can be seen in the average transfer value. While the average transfer value of the Ethereum stablecoin is higher than $83,000, Solana records a significantly smaller average of $4,500.
Of all nine blockchains tracked by Artemis, only BNB Chain, Avalanche, and Base recorded declining stablecoin transfer volumes. However, for all three transfers, the number of transfers increased over the past seven days.
Arbitrum dominates the L2 landscape
Artemis’s stablecoin activity dashboard also highlights Arbitrum’s dominance over the other Ethereum layer 2 blockchains. Polygon and Optimism’s transfer volumes combined are only half of Arbitrum’s last week.
This dominance is a recurring trend, and the gap widens when the last thirty days are taken into account. Arbitrum’s stablecoin market shows a monthly transfer volume of $42.8 billion, which is 160% larger than Polygon’s $16.4 billion. The difference is even greater when Optimism’s $8.5 billion in stablecoin transfer volume comes into the picture, which trails Arbitrum by 400%.
Base, the layer 2 blockchain created by crypto exchange Coinbase, amassed $3.2 billion in monthly stablecoin transfer volume. While this number is 13 times lower than Arbitrum’s stablecoin transfer volume over the same period, this is significant for a chain with less than six months since its mainnet launch.
