Safe sets a new record, processing nearly 130 million transactions in a single quarter, though its revenue fell by more than 30% quarter-over-quarter.

Crypto wallet protocol Safe’s latest report shows it processed nearly 130 million transactions in the second quarter, with over 63 million total accounts created to date, a 20% year-over-year increase. Roughly $1 of every $48 in global stablecoin supply is held in Safe. However, its revenue for the quarter dropped to around $1.98 million, down from $2.88 million in the first quarter, a decline likely tied to pressure on cryptocurrency prices. The report notes that consumer applications on World Chain and Polygon contributed the majority of Safe’s transaction volume this quarter, with World App accounting for 52% and Polymarket making up 35.7%. Additionally, the beta version of Safe’s on-chain security network Safenet, launched in April, had processed 456,000 transaction checks by the end of the quarter, secured by staked SAFE tokens, with around 54.8 million tokens currently staked. (The Block)