United States Dollar Cat priceUSDC

A few weeks ago, x402 was crypto's main character. And now? Pulled the data from @Dune's @hashed_official dashboard so the numbers tell a clear story ↓ 1️⃣ GROWTH The Numbers: • Nov 2-3: 3M transactions/day (peak) • Late Nov: Stable at 1-2M daily • Total volume: ~$600K-2M per day 2️⃣ FACILITATORS Market Share Evolution: • Early Oct: Dexter 100% • Late Oct: PayAI, DayDreams capture 40-50% on some days • Late Nov: Dexter ~40-50%, DayDreams ~20-30%, 15+ others split the rest 3️⃣ CHAINS The Breakdown: • @base: 37.2M transactions (95%) • @solana: 1.4M (3.8%) • Everyone else: <300K (rounding error) But Solana's Late Move: • Mid-Nov: 10K daily • Nov 21: 250K daily (25x in 10 days) 4️⃣ TOKENS The USDC Story: • EVM chains: 98.6% USDC • Solana: 96.5% USDC • Everything else (ETH, SOL, USDT): <2% 5️⃣ TRANSACTION SIZE Average Payment: • EVM: ~$0.90-1.00 • Solana: ~$0.60 6️⃣ BOTTOM LINE x402 in 2 months: • 40M+ total transactions • 1-2M daily (stable) • 95% on Base • 98.6% USDC • $0.60-1.00 avg payment • 15+ facilitators competing The landscape is clear: x402 is becoming the payment layer for AI agents.

Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to a fiat currency like the US dollar, a commodity like gold, or a basket of assets. Unlike volatile assets such as Bitcoin, which can swing 10-20% in a day, stablecoins aim for minimal price fluctuation—often holding within 0.1% of their peg. The first major stablecoin, Tether (USDT), launched in 2014 on the Bitcoin blockchain via Omni Layer. Today, the sector exceeds $170 billion in market capitalization (as of late 2025), with over 200 variants.Types of Stablecoins Fiat-Collateralized: Backed 1:1 by reserves in bank accounts or equivalents. Examples: USDT (Tether, ~$120B cap), USDC (Circle, ~$35B cap), BUSD (formerly Binance). Audits verify reserves, though controversies (e.g., Tether's 2019 fine for misleading claims) highlight transparency risks. Crypto-Collateralized: Over-collateralized with other cryptocurrencies (e.g., 150-200% ratio) in smart contracts. DAI (MakerDAO) is the flagship, pegged to USD via Ethereum-based collateral like ETH. This decentralized model avoids fiat custody but introduces liquidation risks during market crashes. Algorithmic (Seigniorage): Maintain peg through supply adjustments via algorithms, without direct collateral. TerraUSD (UST) famously collapsed in May 2022, wiping $40B from the market due to a death spiral. Newer ones like USDD (Tron) use hybrid mechanisms but remain niche and risky. Commodity-Backed: Pegged to gold/silver (e.g., PAXG by Paxos). Less common, with ~$1B total cap. Mechanics and Use CasesStablecoins operate on blockchains like Ethereum, Tron, Solana, and Binance Smart Chain for low-cost transfers (fractions of a cent vs. $20+ for bank wires). Key roles: Trading Pairs: 70-80% of crypto exchange volume involves stablecoins (e.g., BTC/USDT), providing liquidity without exiting to fiat. Remittances: $800B annual market; stablecoins cut fees to <1% and enable instant cross-border transfers. DeFi Yield: Users lend stablecoins on platforms like Aave for 5-15% APY, far above traditional savings. Payments: Adopted by PayPal (PYUSD) and Visa for settlements. Impact on the Crypto MarketStablecoins act as a bridge between traditional finance and crypto, amplifying both growth and risks.Positive Impacts Liquidity Injection: They enable 24/7 trading without fiat on-ramps. During bull runs (e.g., 2021), USDT issuance correlated with Bitcoin highs, as new mints signal capital inflows—often $1B+ weekly. Volatility Hedge: Traders park funds in stablecoins during downturns, preventing mass exits. This stabilized the 2022 bear market, where crypto cap fell 70% but recovered faster than in 2018. Adoption Driver: Institutional entry (e.g., BlackRock's BUIDL fund using USDC) and regulatory clarity (EU's MiCA framework, 2024) have grown the sector 5x since 2020. Stablecoins now handle $10T+ in annual transfer volume, rivaling Visa. DeFi Ecosystem: They power $100B+ in locked value, enabling complex products like flash loans and derivatives. Negative Impacts and Risks Systemic Risk: Concentration in USDT (70% dominance) creates single points of failure. A depeg (e.g., USDC briefly hit $0.87 in 2023 Silicon Valley Bank crisis) can cascade—liquidating $10B+ in positions. Market Manipulation: "Printing" stablecoins has been accused of pumping prices artificially; studies show Tether mints precede BTC rallies by hours. Regulatory Scrutiny: US proposals (2025 Clarity for Payment Stablecoins Act) and global crackdowns target reserves and AML. Bans in China (2021) shifted volume but didn't eliminate them. Contagion Events: UST's failure triggered Three Arrows Capital's bankruptcy, erasing $200B from crypto in weeks. Algorithmic models remain under 1% of supply due to distrust. In summary, stablecoins have matured crypto from speculative gambling into a functional financial system, but their centralized elements import TradFi vulnerabilities. With CBDC competition rising (e.g., digital yuan), their evolution will shape crypto's next decade. Market cap growth from $5B (2019) to $170B underscores their indispensability—yet prudence demands diversified holdings and reserve vigilance.

We now track onchain metrics at both the (i) project or issuer, and the (ii) asset level. Example: Circle (project) and USDC (asset) 👇

Circle Introduces Simplified Onchain Payments with Permit2 Integration Circle's Payment Network (CPN) integrates Uniswap's Permit2 to simplify and accelerate onchain payments, enhancing security and efficiency for developers using $#USDC and EURC.