2020 was a breakout yr for the stablecoin ecosystem.
As illustrated in The Block Analysis’s new stablecoin report — “Stablecoins: Bridging the Network Gap Between Traditional Money and Digital Value” — the overall provide of stablecoins grew practically ten-fold between January 2020 and January 2021.
Month-to-month transaction volumes additionally swelled, rising from roughly $23.5 billion in January 2020 to $384 billion in January 2021.
As famous within the new report, the majority of the stablecoin provide right now is operating on the Ethereum community, encompassing practically 70 % of the subsector as of January 2021. Tron and Omni have been second-most and third-most, respectively.
Amongst these constructing on Ethereum is Circle by the use of the USDC stablecoin.
“Over time, we count on the prices of storing and shifting worth to plummet to zero similar to it has for information, communications and content material. When anybody can program cash, there will probably be basic shifts in how monetary functions work.” Circle’s Jeremy Allaire advised The Block.
For extra insights into the state of the stablecoin ecosystem, try The Block Analysis’s new report here.