Automated trading bots accounted for 70% of stablecoin transaction volume in 2024, according to a recent survey by crypto exchange CEX.IO.
The survey, which analyzed blockchain activity across Ethereum, Base, and Solana, highlighted the increasing role of bots in stablecoin markets.
CEX.IO noted that 77% of total stablecoin transaction volume in 2024 fell under the unadjusted category, meaning it was heavily influenced by bots. Bot-driven transactions surged fourfold compared to 2023, rising from 80% to 90% in the unadjusted category. Based on these trends, the exchange concluded that bots were responsible for 70% of total stablecoin transactions last year.
The survey found that USDC led the unadjusted category, accounting for over 65% of stablecoin volume, indicating bots played a major role in its on-chain activity. Coinbase’s layer-2 network, Base, was the most impacted, with bot-driven transactions pushing its raw volume ahead of Ethereum.
The report further noted that Solana and Base—both networks where USDC supply is dominant—saw unadjusted transactions make up over 98% of stablecoin activity by December 2024. The spike in bot activity allowed Base to surpass Ethereum in total stablecoin transaction volume in Q4 2024.
Despite a doubling of adjusted stablecoin transfer volume in 2024, CEX.IO concluded that the overall stablecoin market remains heavily shaped by bot-driven transactions.
Meanwhile, in a separate report, HTX Ventures predicted that stablecoins and Real-World Assets (RWA) will play a crucial role in connecting traditional and decentralized finance. The report highlighted the rapid growth of stablecoin adoption, rising from 3% in 2020 to over 50% in late 2024, as global cross-border B2B payments hit $40 trillion.
With the U.S. preparing comprehensive stablecoin legislation, major financial players like PayPal and Stripe are exploring blockchain integration. According to HTX, these developments could further accelerate the adoption of stablecoins, crypto wallets, and blockchain-based payment solutions among banks and businesses.
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