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Stablecoins have been gathering a lot of steam and settling massive value in recent months. Moreover, on Thursday, Coin Metrics’ executive Nic Carter mentioned on Twitter that “stablecoins have been adding $100 [million per day] since mid-July. While a number of dollar-pegged stablecoins have seen demand, the longstanding tether is still capturing most of the economic activity.<\/strong><\/p>\n There’s been a lot of changes in the crypto ecosystem with the recent rush toward decentralized finance (defi) applications, but the stablecoin economy has shined just as brightly.<\/p>\n For instance, the overall market valuation of all stablecoins on March 31, 2020 was $5.4 billion and it increased 211% with the stablecoin market cap hovering at $16.8 billion today. Coin Metrics’ executive Nic Carter’s recent tweet<\/a> shows how massively the stablecoin economy has grown.<\/p>\n “Everyone got so excited about defi no one pointed out that stablecoins have been adding $100 [million per day] since mid-July,” Carter said, sharing an aggregate stablecoin chart<\/a> from Coin Metrics.<\/p>\n Presently there are three stablecoins that are outpacing most of the competitors but tether (USDT<\/a>) is outshining them all. At the time of publication, tether (USDT<\/a>) has a market valuation of $13.6 billion which is 80.95% dominance<\/a> in terms of the overall stablecoin market capitalization.<\/p>\n The second-largest stablecoin by market cap is USDC which has an overall valuation of around $1.5 billion today. DAI holds the third position with just over a half of a billion dollars at $531 million on Thursday.<\/p>\n Stablecoin trade volume has spiked considerably<\/a> since January 1, 2019. Data from September 3, 2020, shows that the 26 listed stablecoins on Coingecko capture $42 billion<\/a> in trade volume.<\/p>\n Again, tether (USDT<\/a>) which is spread across various blockchain networks captures 92% of the $42 billion in global stablecoin swaps. In comparison, the second-highest trade volume held by Circle’s USDC stablecoin only has $656 million in global trades.<\/p>\n Statistics<\/a> from Chainalysis shows that stablecoin usage in East Asia is the most dominant. The Chainalysis report also shows that tether (USDT<\/a>) eclipsed bitcoin (BTC<\/a>) by the “most-received cryptocurrency by East Asia-based addresses in June 2020.”<\/p>\n Tether (USDT<\/a>), Chainalysis stresses, is the “most popular stablecoin in East Asia” capturing 93% of all the stablecoin transferred value in the region.<\/p>\n “Tether has become the de facto fiat stand-in for Chinese cryptocurrency users and primary means of on-ramping to bitcoin and other standard cryptocurrencies,” Chainalysis details. “Though yuan-for-Tether trades are also not allowed under the ban, it’s common for users to buy Tether under the table from OTC brokers or through other means such as by using a foreign bank account,” the company’s report concludes.<\/p>\n What do you think about the massive rise in stablecoin value and usage in 2020? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n The post $16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-July<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"$16B](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/eg_gf34xyaeoqif.jpeg\" "\\"$16B")
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