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 entire 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 in the present day is operating on the Ethereum community, encompassing practically 70 p.c of the subsector as of January 2021. Tron and Omni had been second-most and third-most, respectively.
Amongst these constructing on Ethereum is Circle by means 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 knowledge, communications and content material. When anybody can program cash, there might be elementary shifts in how monetary functions work.” Circle’s Jeremy Allaire advised The Block.
For extra insights into the state of the stablecoin ecosystem, take a look at The Block Analysis’s new report here.