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Ethereum-based stablecoins’ market capitalization has nearly doubled year-to-date to $6.25B

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The aggregate market capitalization of Ethereum-based stablecoins has increased by 95.38% year-to-date to $6.25 billion, according to research conducted by The Block’s Matteo Leibowitz.

The sharp surge in stablecoin activity is likely a combination of recent market volatility and the inflation of foreign currencies against the U.S. dollar, according to Leibowitz.

Among Ethereum-based stablecoins, Tether (USDT) continues to dominate the space with 77.84% of market share. Tether’s outstanding Ethereum-based supply has grown by 113% year-to-date to $4.9 billion from $2.3 billion.

Source: The Block, Dune Analytics

CENTRE Consortium’s USDC stablecoin continues to dominate among non-Tether stablecoins with a market share of 51.44%. However, USDC faces some competition from challenger exchange-associated stablecoins: HuobiUSD (HUSD) and BinanceUSD (BUSD), with the former growing 48.09% YTD, the latter 553.11%.

PAX, on the other hand, has seen its market share decline by 21.3% year-to-date.

To read the full analysis and more such data-driven stories, subscribe to The Block Research.


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.