The supply held by small USDC holders has increase

The supply held by small USDC holders has increased, and that pushed transfer activity higher.

But the real on-chain volume still hasn’t reached the levels we saw in 2022, when whales were selling BTC and altcoins to rotate into stablecoins.

In other words, part of the rise in small transactions is tied to the growth of DEXs and Prediction Markets.

Bottom line: interest in stablecoins is climbing like never before.

Charts: @Alphractal