Binance Smart Chain Emerges as Top Blockchain for Small-scale Stablecoin Transactions
In a recent development, Orbital, a global payment orchestration platform, has unveiled its Stablecoins Retail Payments Index. This index offers valuable insights into the current trends and potential future directions of the stablecoin market, particularly in the context of retail payments.
According to the index, USDT currently leads the stablecoin market, with a volume more than four times that of USDC. However, USDC has shown significant growth in recent months, particularly in retail-sized payments. This growth suggests that USDC could potentially challenge USDT's dominance in the near future.
The index is built on data from the Orbital Stablecoin Payments Dashboard, with blockchain data sourced from Artemis.xyz and mobile app data from Sensor Tower. It provides a comprehensive view of how stablecoins are being used in retail payment contexts, focusing on consumer payments up to $10,000 in value.
The index reveals that Binance Smart Chain has become the leading blockchain for consumer-sized payments, accounting for 45% of retail payments. Networks offering lower transaction costs, such as TRON and BSC, have been major drivers of stablecoin adoption.
Interestingly, the index also shows that the cost of buying USDT and USD varies in some markets, with a significant premium on USDT in countries like Venezuela (45% more than the official market rate). This phenomenon, known as stablecoin premiums, can be indicators of shadow FX rates.
The index also highlights the distinct use that stablecoins are carving out in retail payments, particularly in cross-border and where speed and cost matter most. Time zone analysis shows that USD1 is mostly used outside of the Americas, and USD1 has shown notable growth, accounting for around 6% of all wallet-to-wallet transfers in June.
Other notable countries with a stablecoin premium include Turkey, South Africa, and Saudi Arabia. However, the search results do not provide information about which countries show significant use of stablecoins in the retail payments sector according to the Orbital platform index or the time periods when these insights were gained.
In addition to USDT and USDC, a potential challenger to their dominance is emerging. Aptos is now showing notable growth, positioning it as a "chain to watch". Orbital's Co-Founder & Head of Corporate Development, Luke Wingfield Digby, stated that stablecoins have become a significant part of the economy, with over $250bn in circulation today. The Orbital Stablecoins Retail Payments Index provides insight into today's trends and where the market may be heading.
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