Stablecoin on-chain volumes have crossed the $1 trillion mark this year
December 23, 2020, 7:45AM EST
1 min read
Stablecoin on-chain volumes have crossed the $1 trillion mark in 2020, according to The Block Research.
On-chain volumes are any transactions that occur on blockchains. For stablecoin transactions, Ethereum remains the most popular blockchain, having about 83.5% share. TRON and Omni blockchains follow next, with about 14.5% and 2.1% share, respectively.
As for popular stablecoins, Tether (USDT) remains the leader with about 73% share of the on-chain volumes, followed by USDC (15%) and DAI (7%).
The $1 trillion figure has been achieved for the first time, suggesting that stablecoins are growing in popularity. Last year, on-chain volumes of stablecoins were about $248 billion, i.e., 3.22 times less than this year.
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.