{"id":126498,"date":"2025-04-04T21:15:27","date_gmt":"2025-04-04T21:15:27","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126498"},"modified":"2025-04-04T21:15:27","modified_gmt":"2025-04-04T21:15:27","slug":"stablecoins-in-bull-market-solana-sputters-vaneck","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126498","title":{"rendered":"Stablecoins &#039;in bull market&#039;; Solana sputters: VanEck"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsStablecoins are \u201cin a bull market of their own,\u201d even as smart contract platforms \u2014 including Ethereum and Solana \u2014 sputter amid the marketwide tumult, asset manager VanEck said in an April 3 monthly note.<br \/>\nThe diminished activity on smart contract platforms reflects cooling market sentiment in cryptocurrencies and beyond as traders brace for the impact of US President Donald Trump\u2019s sweeping tariff policies and a looming trade war.\u00a0<br \/>\nBut stablecoin adoption \u2014 a key measure of Web3\u2019s overall health \u2014 continues apace. This is partly because ongoing macroeconomic uncertainty \u201ccould accelerate the strategic case for crypto,\u201d Matthew Sigel, VanEck\u2019s head of research, said in an April 4 X post.<br \/>\nTokenized treasury bills help support stablecoin adoption. Source: VanEckRelated: Circle considers IPO delay amid economic uncertainty \u2014 Report<br \/>\nStablecoins gain steam<br \/>\nStablecoins collectively added nearly $10 billion in total market capitalization in March as multiple issuers, including VanEck, prepare to launch branded stablecoin products, it said.\u00a0<br \/>\nThe inflows persisted despite a steep drop in average stablecoin yields, the asset manager noted.\u00a0<br \/>\nStablecoin yields now range from around 3% to 5% \u2014 near or slightly below Treasury Bills \u2014 compared to as high as 10% at the start of the year, it said.\u00a0<br \/>\nEven so, issuance of tokenized Treasury Bills \u2014 a primary source of institutional stablecoin yield \u2014 increased 26% from February to March, surpassing $5 billion in total issuance, according to the report.<br \/>\nEthereum, Solana slow down<br \/>\nMeanwhile, smart contract platforms suffered across-the-board declines in activity, with revenues and trading volumes dropping 36% and 40%, respectively, according to the report.\u00a0<br \/>\nSolana has suffered particularly sharply. Daily fee revenues and decentralized exchange (DEX) volumes diminished by 66% and 53%, respectively, in March, VanEck said.<br \/>\nIn fact, Solana\u2019s DEX share of volumes once again fell below those of Ethereum and its layer-2 scaling chains (L2s) after briefly surpassing them for the first time in February.\u00a0<br \/>\nSolana lost ground to Ethereum in DEX volume. Source: VanEckThis relative decline partly reflects a slowdown in memecoin trading, which still dominates Solana DEX activity.\u00a0<br \/>\nThe segment has suffered since February after a series of memecoin-related scandals soured sentiment among retail traders.\u00a0<br \/>\nOn Feb. 14, Libra, a memecoin seemingly endorsed by Argentine President Javier Milei, erased some $4.4 billion in market capitalization within hours of launching.<br \/>\nIn March, trading volumes on Ethereum\u2019s L2s also experienced declines \u2014 retracing by some 18% from February \u2014 but held up better than Solana\u2019s, according to VanEck.<br \/>\nDuring the final week of March, \u201cblob fees,\u201d the Ethereum network\u2019s main source of income from L2s, sunk to the lowest weekly levels so far this year, according to Etherscan.<br \/>\nMagazine:\u00a07 ICO alternatives for blockchain fundraising: Crypto airdrops, IDOs &amp; more<a href=\"https:\/\/cointelegraph.com\/news\/stablecoins-bull-market-solana-sputters-vaneck?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsStablecoins are \u201cin a bull market of their own,\u201d even as smart contract platforms \u2014 including Ethereum and Solana \u2014 sputter amid the marketwide tumult, asset manager VanEck&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126498"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126498"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126498\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126498"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}