Monthly transaction volumes also swelled, growing from approximately $23.5 billion in January 2020 to $384 billion in January 2021.
As noted in the new report, the bulk of the stablecoin supply today is running on the Ethereum network, encompassing nearly 70 percent of the subsector as of January 2021. Tron and Omni were second-most and third-most, respectively.
Among those building on Ethereum is Circle by way of the USDC stablecoin.
“Over time, we expect the costs of storing and moving value to plummet to zero just like it has for data, communications and content. When anyone can program money, there will be fundamental shifts in how financial applications work.” Circle's Jeremy Allaire told The Block.
For more insights into the state of the stablecoin ecosystem, check out The Block Research's new report here.