Stablecoins have witnessed a significant increase in transaction volume since the beginning of 2020.
According to the research of The Block, in the first quarter of 2020, the trading volume of stablecoins increased by 8% from the previous quarter and surpassed the $ 90 billion mark for the first time. As a reference point in the study, the total trading volume of stablecoins was 250 billion USD last year, while that of PayPal was 712 billion USD.
Notably, this growth comes from not only transactional activities but also the on-chain value flow from one address to another.
On a series of trading pairs, USDT-ETH trading accounted for 62% of the total stablecoin volume in the first quarter of 2020. Meanwhile, DAI and USDC had the largest growth rates in the quarter respectively 344% and 54 %.
As Toiyeubitcoin previously reported, the major cryptocurrency exchange Binance currently holds more than $ 1 billion worth of stablecoins based on ERC-20 - this figure far exceeds other existing exchanges on the market.
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According to The Block
Translated by ToiYeuBitcoin