January stablecoin transfer volume tops $10 trillion… highest since April 2022

JH Kim

Summary

It reported that this January’s total stablecoin transfer volume surpassed $10 trillion, the highest level since April 2022.
It said about 56% of total transfer volume came from decentralized exchange (DEX) liquidity pools, underscoring their role as a core pillar within DeFi.
It reported that centralized exchanges (CEXs) account for the largest share with about $80 billion in stablecoin holdings, indicating that stablecoins have established themselves as a core settlement layer in the virtual asset ecosystem.

According to data from Dune Analytics on the 25th (local time), total stablecoin transfer volume in January this year surpassed $10 trillion, marking the highest level since April 2022.

Of the total transfer volume, about 56% was generated from decentralized exchange (DEX) liquidity pools. This indicates that liquidity provision and trading activity within DeFi remain a core pillar of stablecoin usage.

Meanwhile, centralized exchanges (CEXs) hold around $80 billion worth of stablecoins, the largest share based on labeled addresses.

These figures suggest that stablecoins are moving beyond being a mere transaction medium to become a core settlement layer across the broader virtual asset (crypto) ecosystem, including DeFi, exchange liquidity, and settlement infrastructure.