Stablecoins saw record transaction volumes of over $90 billion in 2020’s first quarter
Stablecoins have seen important development in transaction volumes for the reason that starting of 2020.
According to analysis by The Block, in Q1 2020, the transaction quantity for stablecoins elevated by eight% from the earlier quarter and surpassed $90 billion for the first time ever. As some extent of reference, the entire transactional quantity for stablecoins was $250 billion final yr, whereas that for PayPal was $712 billion.
Notably, this development got here from not solely buying and selling actions but in addition on-chain worth stream from one tackle to a different.
Across a range of buying and selling pairs, USDT-ETH transactions constituted 62% of the entire stablecoin volumes in 2020’s first quarter. Meanwhile, DAI and USDC skilled the most important development in the quarter by 344% and 54%, respectively.
Source: Coin Metrics, The Block