ETH: Stablecoin Senders and Receivers
Included with Plus.
The number of distinct Ethereum addresses that sent, and that received, a stablecoin transfer of $1 or more in each period, over every tracked dollar stablecoin.
Why use it. The user base of dollars on chain: how many wallets, contracts and exchange addresses actually move stablecoins, rather than only hold them. How to read it. Each address counts once per period whichever tokens it moved, so a day is not the sum of its hours. More receivers than senders usually means distributions (exchange withdrawals, payroll, airdrops); more senders, collection into fewer addresses.
Calculation. Distinct senders and receivers of the counted transfers of at least $1 in each UTC hour or day; the open day counts its hours so far. A transfer counts when it moves more than zero tokens between two different addresses, neither of them the zero address: mints and burns change the supply and are not payments. Transfers are counted as the token contracts log them, not netted: a payment routed through a contract shows as two transfers. Computed by CryptoKeyhole from its own Ethereum archive node: every Transfer event of the tracked US-dollar stablecoins (USDT, USDC, USDS, USDe, DAI, crvUSD, PYUSD, USDf, USD1, RLUSD, GHO, USD0, USDtb, FDUSD and the smaller or wound-down BUSD, TUSD, USDP, GUSD, FRAX, FEI, LUSD, HUSD and MIM) in the blocks of each completed UTC hour, the same blocks as the stablecoin flow charts, each token at face value (one token as one US dollar). History from 16 October 2026, 00:00 UTC; hours are added as their blocks become final, and the latest day is a partial. Ethereum only.