Stablecoins off to a strong start in 2020

Quick Take

  • While 90% of the total stablecoin outstanding value still resides within Tether, USDC has seen the same pace of growth as Tether (33%) through 1Q20 (off a smaller base) and is edging closer to $1 billion
  • The value of Tether on Ethereum has now crossed more than $4 billion and is up more than 75% YTD
  • The cumulative transaction volume across stablecoins crossed $90 billion in a quarter for the first time ever — up 8% from 4Q and more than 280% since 1Q19
March has seen a series of stablecoin records broken this month, including new highs in: total stablecoin outstanding value ($7 billion), the total value of USDT on Ethereum (~$4 billion), and quarterly stablecoin transaction volumes (+$90 billion) — and there are still 6 more days left in the quarter. Source: Coin Metrics, The Block The […]

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