# Stablecoin transaction volumes have surged past Visa Network _It's all happening on Solana via USDC_ May 10, 2024 • Michael Nadeau --- # Stablecoin transaction volumes have surged past Visa Network ## It's all happening on Solana via USDC Michael Nadeau May 10, 2024 Hello readers, Some brief housekeeping before we jump into this week's podcast: Please note that we continue to merge subscribers off of Substack. If this is the first time you have received an email from us with the new look and feel, please: - Respond “yes” to this email. - If this email landed in your “other” (outlook), “promotions (gmail), or spam folder, please move it to your primary inbox.** Doing these things will ensure that you continue to receive all of our research and podcast discussions going forward. ** Back to business. The killer use case for crypto is clearly stablecoins, i.e. “crypto dollars.” In episode 4 of The Signal, Oskari and I break it all down by the numbers through the lens of Circle, the issuer of USDC. ##### Topics discussed & Time Stamps: 00:00: **Introduction** 00:27: **Stablecoins: Crypto’s killer use case** 01:36: **The Impact of Stablecoins on Global Finance** 06:25: **Circle's Evolution: From Bitcoin Wallet to Stablecoin Powerhouse** 17:31: **The Business Model Behind Stablecoin Issuers** 31:50: **Exploring the Competitive Landscape of Stablecoins** 43:15: **Data Dive: Analyzing USDC Distribution and Activity** 48:04: **Deep Dive into USDC's Performance on Different Blockchains** 50:02: **The Role of Bots in Crypto Transactions and Their Impact** 51:05: **Analyzing Transaction Volumes and User Behaviors Across Blockchains** 01:04:08: **Exploring Future Use Cases for Stablecoins: Payroll and Daily Payments** 01:09:37: **Market Share, Rate Sensitivity, and the Impact of Interest Rates on Stablecoins** 01:14:36: **Regulatory Challenges and the Future of Stable-coins** 01:22:23: **Circle's Potential IPO** 01:29:17: **Concluding Thoughts** [Listen on Spotify](https://podcasters.spotify.com/pod/show/thedefireport/episodes/Episode-4-Circle-Deep-Dive-e2jftkk?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=stablecoin-transaction-volumes-have-surged-past-visa-network) [Listen on Apple](https://podcasts.apple.com/us/podcast/the-signal/id1717262936?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=stablecoin-transaction-volumes-have-surged-past-visa-network) *The DeFi Report is powered by Token Terminal — the leading onchain data & analytics platform for institutional investors. If you’re interested, you can sign up for a free account at the link here: **[FREE ACCOUNT](https://tokenterminal.com/terminal/auth?utm_source=newsletter&utm_campaign=tdr)* We hope you enjoy the episode and have a great weekend! ***Disclaimer: ****Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The co-hosts and their guests are not investment advisors and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. The topics discussed are for general educational purposes only, are not individualized, and as such should not be construed as investment advice. Any content shared in the podcast is derived from both publicly available information as well as proprietary data sources. All information presented and sources are believed to be reliable as of the date first published. Any opinions expressed during the show are based on information available as of the date of the publication. Although The DeFi Report and the co-hosts believe the information presented is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements herein not misleading, all information and materials shared or discussed are provided on an “as is” and “as available” basis, without warranty or condition of any kind either expressed or implied.*