Stablecoin weekly trends: USDT transaction value on Ethereum surpasses ETH, and USDT’s data far exceeds other stablecoins
Author: MYKEY researcher Ma Lie
The transformation from traditional currency to encrypted stable currency is like the transformation of video from video to digitization, so that assets are expected to operate more efficiently in various scenarios. We are full of expectations for the development of stablecoins, and believe that it may bring great opportunities to the cryptocurrency industry and become the holy grail of the cryptocurrency industry.
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The market value of stablecoins has exceeded 10 billion, and has increased by 100 times since 2017
USDT’s data on market value, number of currency holding addresses, daily on-chain transactions and transaction volume far exceeds other stablecoins
At the end of October 2017, the number of USDT on Ethereum exceeded the number of USDT on Bitcoin, and the USDT issued and circulated through Bitcoin Omni is shrinking
The main activities of USDT have been transferred from the Bitcoin network to the Ethereum network
The number of USDT daily transactions on the chain has accounted for more than 20% of the total number of daily transactions on the Ethereum chain, which has brought certain pressure on the Ethereum network
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Source: MYKEY, Coinmetric
Since 2017, the market value of stablecoins has grown rapidly. At the beginning of 2017, the market value of global stablecoins was less than 10 million US dollars. Today, the market value of stablecoins has exceeded 10 billion, a 100-fold increase in three and a half years.
In this process, the diversity of stablecoins is also improving. On the one hand, different teams began to provide stable currency services, and we saw that USDC, PAX, DAI, GUSD, etc. began to occupy a certain share; on the other hand, USDT, which occupies the top spot, also began to be issued on more chains; What's more, the usage scenarios of stablecoins have also greatly increased, and are no longer limited to legal currency OTC deposits and withdrawals and currency transactions.
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Source: MYKEY, Debank
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Source: MYKEY, Coinmetric
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USDT data overview
Source: MYKEY, Tether
Source: MYKEY, Tether
According to the data on May 14, Bitcoin Omni circulated 1,222,288,521.46 USDT, Ethereum circulated 5,605,641,458.48 USDT, Tron circulated 1,775,527,389.54 USDT, EOS circulated 5,251,000 USDT, and Liquid circulated 16,561,000 USD T, Algorand has 1,000,010 USDT in circulation.
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Source: MYKEY, Coinmetric
It can be seen that the circulation of USDT on the Ethereum chain has been steadily increasing since April 2019, and until March this year, the circulation began to increase further. At the same stage, the USDT issued and circulated through Omni is shrinking.
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Source: MYKEY, Coinmetric
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Source: MYKEY, Coinmetric
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Source: MYKEY, Coinmetric
This issue of the MYKEY Stablecoin Weekly Report has shared so much, please pay attention to the follow-up weekly reports. In the follow-up reports, we will provide you with more interpretations of the development status of stablecoins and analysis of their development trends, so as to help you continuously update your understanding of the development of stablecoins.
This issue of the MYKEY Stablecoin Weekly Report has shared so much, please pay attention to the follow-up weekly reports. In the follow-up reports, we will provide you with more interpretations of the development status of stablecoins and analysis of their development trends, so as to help you continuously update your understanding of the development of stablecoins.
