For the first time in almost 2 years, the net supply of the top 5 stablecoins turned positive in Q4 2023, totaling $3.8 billion.
Stablecoin supply had previously been negative for six consecutive quarters, with the largest negative net supply recorded in Q2 2022 at $15.6 billion.
The Binance study highlights that an increasing stablecoin supply suggests capital inflows into crypto and potential buying pressure, marking a positive trend for the crypto market.
Another notable trend in 2023 is the rise in protocol fees, particularly in November, with the top 20 projects seeing fees increase by over 88% compared to January.