Arbitrum's Stablecoin Market Cap Hits $6.8 Billion, Surpassing Ethereum Inflows

Arbitrum has emerged as a prominent blockchain for stablecoins, which are experiencing rapid growth. On July 7, the total stablecoin market capitalization on the Arbitrum chain reached an unprecedented high, exceeding $6.8 billion. This figure encompasses both natively minted stablecoins and those bridged from other networks.

This milestone positions Arbitrum in fifth place among blockchains by stablecoin market capitalization. Ethereum remains the leader with $127 billion, followed by Tron at $81 billion. BNB Chain and Solana occupy the third and fourth positions, respectively, with around $10 billion each.

In recent weeks, Arbitrum has witnessed substantial stablecoin inflows. For the week ending on June 2, Arbitrum recorded $381 million in stablecoin inflows, the highest among all chains. Concurrently, Ethereum experienced $374 million in outflows during the same period.

Arbitrum's stablecoin ecosystem is robust, with over 1 million stablecoin wallets. Out of the total $249.8 billion in stablecoin supply, Arbitrum controls 2.6%. As of June 25, Arbitrum had 1.3 million active addresses holding stablecoins, trailing behind BNB with 11.8 million and Tron with 9.6 million.

It is crucial to note that the stablecoin supply can be measured differently. Artemis Capital calculates this figure by aggregating all stablecoin balances on the chain, including those in DeFi liquidity pools and derivatives. In contrast, DeFiLlama tracks only stablecoin wallet balances, which stand at $3.465 billion, with 61.14% of these balances in USDC.

Despite the significant adoption of stablecoins, Arbitrum's price has been on a downward trend. Over the past 30 days, ARB has declined from a high of $0.4255 to its current value of $0.3284. This trend persists despite the recent partnership with the trading app Robinhood, which may be indicative of a "buy the rumor, sell the news" phenomenon.