Besides USDT, what other rising stars are there in the stablecoin market?

The importance of stablecoins for blockchain investment cannot be underestimated. On the one hand, as one of the channels to enter cryptocurrencies, stablecoins can reflect the liquidity of the market; one.

Therefore, the data analysis of stable coins can assist in the investment judgment of cryptocurrencies.

marketUSDT、TUSD、GUSD、PAX 、USDC、DAI

market

As of this Friday (July 26, 2019), the total market value of stablecoins was US$4.9 billion. In the past three months, the overall market value has increased by US$1.5 billion, an increase of 44.50%.

Please see the figure below for the changes in the market capitalization of each stablecoin

The largest increase in market value is USDC, which has risen by 67.9%, and the smallest is TUSD, which has only increased by 3.31%. In addition, the market value of GUSD and DAI showed negative growth. The market value of GUSD dropped significantly, from $60 million to $7.4 million, shrinking by nearly 88%; the market value of DAI shrank slightly, down 7.62%.

Among the above stablecoins, USDT accounted for 82% of the market value, followed by USDC, accounting for nearly 9% of the market, and the market value of other stablecoins accounted for less than 5%, and GUSD accounted for the smallest, only 0.15%.

The trend of market value changes in the past 3 months is shown in the figure below (except USDT and GUSD, compared with BTC price)

The market value of USDT has risen steadily. In addition, the market value of other stablecoins has almost the same slight growth trend, but the absolute value of growth varies.

But GUSD is the only exception

It can be seen from the figure that the market value of GUSD has dropped sharply since the beginning of May, while the price of BTC has ushered in a steady rise.

secondary title

price change

The price trend of the stable currency is shown in the figure

Among them, the most fluctuating price is DAI, and the smallest is USDC. It can be seen from the above figure that the price fluctuation of DAI is very significant, probably because only DAI among the above stablecoins is generated through mortgage lending, and the rest are all related to USD 1: 1 for anchoring sake.

The price of stablecoins should theoretically maintain a 1:1 relationship with the U.S. dollar. One of the reasons for fluctuations is the relationship between supply and demand in the market. When there is a market situation, such as a sharp increase in the price of mainstream currencies, the demand for stablecoins in the market will also rise instantaneously. In the short term, the supply of stablecoins will be less than the demand, resulting in an increase in their prices.

So is the fluctuation trend of all stable pens the same? We answer this question through the correlation of stablecoin prices

Taking USDT as the benchmark, let’s briefly look at the correlation of stablecoins in the past 3 months

GUSD and DAI fluctuate in the same direction as USDT in the short term, while USDC, TUSD and PAX fluctuate in the opposite direction to USDT.

active

active trading

active trading

The overall trend of the stable currency transaction amount (usd) is shown in the figure

in,

in,highest growthsecondlysecondlyis DAI and USDC,lowest growthThe ones are GUSD and Omni Chain’s USDT.

The decline in the trading volume of USDT on the Omni chain corresponds to the rise of USDT on Ethereum. This change was very obvious in July, and this trend will continue to intensify in the future.

It is not surprising that GUSD’s on-chain trading volume has declined, and we have seen the decline of GUSD in terms of market value changes.

USDC's on-chain trading volume still leads other stablecoins, but the growth trend is not as dazzling as its market value growth.

The overall trend of the number of stablecoin transactions is shown in the figure

The area in the figure changes the trend of the number of stablecoin transactions. The larger the area, the more transactions.

The change trend of the number of transactions is basically consistent with the transaction amount. Ethereum’s USDT has the highest growth, and Omni’s USDT and GUSD have the most significant declines. However, DAI has more transactions than USDC, which reflects that the average transaction amount of DAI is lower than that of USDC.

active user

The number of currency-holding addresses reflects the cumulative number of users among stablecoins. The figure below counts the number of users on Ethereum.

USDT is still the highest, followed by USDC, followed by DAI; GUSD is still the last.

The trend of active addresses reflects a similar trend, USDT is still the overlord, the magnitude of active addresses of USDC and DAI is similar, TUSD and PAX are similar, and the activity of GUSD is almost invisible.

Summarize

Summarize

USDT reflects its market share and data performance on the chain.UnshakableIf there is no devastating negative, other stablecoins want to replace USDT, and there is still no sign of it in the short term. Among other stablecoins, USDC's market value and on-chain data performance make its future promising.

On the whole, the fundamental data of almost all stablecoins have been growing steadily in the past three months, which has played a certain role in supporting the price in the medium and long term. The significant increase in market value can also reflect the inflow of external funds to a certain extent.