Data-driven decision: How Stablestats.xyz is changing the game globally

Stablecoins have become a cornerstone of digital finance. One platform that has emerged as a leading resource in this space is StableStats.xyz, a comprehensive stablecoin data hub widely utilized by investors, researchers, and industry leaders. StableStats aggregates stablecoin information, ranging from price stability and market share to blockchain analytics and a directory of over 250 companies in the stablecoin ecosystem.The company’s founder, Paul Joe in this interview, discusses what inspired him to build one of the world’s most-used stablecoin data platforms,

What is StableStats.xyz, and what inspired you to create it? How did this all begin?

StableStats.xyz is a comprehensive platform for stablecoin data and information. We aggregate prices, market caps, stability metrics, blockchain analytics, and a directory of companies involved in the stablecoin industry. The idea for StableStats was born out of a roundtable discussion on stablecoin adoption in emerging markets, where we realized the need for a single source of truth to track stablecoin activity. This sparked a passion project to build a platform where anyone can see the entire stablecoin landscape at a glance.

What were your data sources, tech stack, and any key design decisions you made in creating the platform?

We chose a modern web stack with React for the front-end and Python and Node.js for the back-end. Our data sources include public crypto APIs, blockchain data providers, and on-chain data via APIs. We also collect data on reserve information where available. A key design decision was to indicate the type of backing each stablecoin has, whether it’s fiat-backed, crypto-collateralized, or algorithmic. We also curated a directory of companies and resources in the stablecoin industry, which was developed based on existing information and resources in the industry.

What key challenges did you encounter in building StableStats, and how did you overcome them?

We faced challenges in collecting and maintaining data across many sources, defining the scope of what constitutes a stablecoin, and technical scaling challenges. To overcome these, we automated data ingestion, implemented caching, and optimized our data refresh process. We also engaged with the community to stay current and ensure the accuracy of our data.

What market trends and insights have you learned from observing stablecoin data globally?

We’ve observed significant growth in stablecoin usage, with active wallets increasing by 53% in a year and a total supply of $225 billion. Tether (USDT) dominates the market, but we’re seeing diversification and new entrants, including local currency stablecoins and commodity-backed stablecoins. We’ve also gleaned insights on geographical usage patterns and the role of stablecoins in DeFi and traditional finance.

How do you engage different users on the platform, and did any user surprise you?

We designed StableStats with multiple audiences in mind, including investors, fintech companies, journalists, researchers, and regulators. Each group focuses on different features, and it’s been gratifying to see how they’ve found new uses for the platform. For example, fintech companies use StableStats for market research, while journalists use it to fact-check articles.

What’s your take on stablecoins’ evolving role in global finance?

Stablecoins have evolved from a niche crypto convenience to a critical piece of global financial plumbing. They’re bridging traditional finance and crypto, providing stability and speed. As regulations clarify, I suspect stablecoins will become even more ubiquitous, used in e-commerce, fintech apps, and traditional finance.

What’s next for StableStats.xyz? Any new features or partnerships on the horizon that you can share?

We’re planning to introduce more customizable charts, data export capabilities, and a public API. We’re also exploring partnerships with analytics platforms and stablecoin projects. Our goal is to make StableStats a benchmark source for stablecoin data and a knowledge hub for the industry. We’re committed to staying current and evolving with the needs of our users.

How do you engage different users on the platform, and did any user surprise you?

We’ve designed StableStats to cater to various audiences, and it’s been fascinating to see how different groups utilize the platform. Investors and traders use StableStats to track key metrics like market cap changes and price deviations. Fintech companies leverage our platform for market research, particularly for deciding which stablecoins to integrate into their platforms. Journalists and researchers appreciate our consolidated data and learning resources, which help them fact-check and analyze stablecoin trends. Even regulators and policymakers have been quietly using StableStats to gauge the scale and trajectory of the stablecoin market.
One surprising aspect has been how professional traders rely on our site for quick data, despite having access to APIs directly. Our visualizations and aggregation seem to save them time. It’s gratifying to see how different groups find new uses for the platform, pushing us to maintain high-quality features.

What’s your take on stablecoins’ evolving role in global finance?

Stablecoins have evolved significantly, transforming from a niche crypto convenience to a critical piece of global financial infrastructure. They provide an alternative means to store value and transact, especially in regions with unstable local currencies or weak banking infrastructure. Stablecoins are bridging traditional finance and crypto, bringing stability to fiat currency and speed and programmability to cryptocurrency. As regulators formalize stablecoins, we can expect even more widespread adoption in e-commerce, fintech apps, and traditional finance. The concept of digital fiat money is here to stay, and stablecoins will likely play a significant role in shaping the future of global finance.