Ethereum was home to nearly 70 percent of all stablecoins as of January

2020 was a breakout year for the stablecoin ecosystem.

As illustrated in The Block Research's new stablecoin report -- "Stablecoins: Bridging the Network Gap Between Traditional Money and Digital Value" -- the total supply of stablecoins grew nearly ten-fold between January 2020 and January 2021.

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.