Imagine each stablecoin has $100 in circulation. How much of that money moves on a typical day?
@USDC: $98 moves.
USDT: $19 moves. Most of the money stays put.
RLUSD, PYUSD, USDS, and DAI: $11–$12 moves. They are used, but much less frequently.
USD1 and USDe: $6–$7 moves. Most of the money sits idle.
BUIDL and USYC: Less than $1 moves. These are not really spending money. They are places people park cash.