Stable currency into a new money printing machine? 2020 Stablecoin issuance and destruction records

特邀专栏作者

2020-06-08 10:40 (UTC+8)

This article is about 1599 words, reading the full article takes about 3 minutes

In March, when the market fluctuated the most, the number of additional issuances and destructions was the highest, and the amount of additional issuances also reached the highest in that month. In addition, the issuance and destruction of various stable

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1. Overview

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Stablecoin market cap, source: CoinGecko, TokenInsight

As of June 4, 2020, a total of 10,100 additional issuances of the 6 stablecoins included in this article (USDT, GUSD, HUSD, PAX, TUSD, USDC) have occurred, with a total issuance amount of more than 8 billion US dollars, of which USDT (ETH) issuance is the most obvious . In the case of maintaining the first market share, USDT (ETH) began to strengthen its issuance in early March, and doubled the market value of the overall stablecoin market; as of June 4, USDT (ETH) accounted for about 85% of the market value.

The TokenInsight Research team analyzed the quarterly issuance and destruction records of stablecoins over the years as follows: the amount of destruction and issuance in the third quarter of 2019 was a historical high, but the number of destruction and issuance was a historical high in the first quarter of this year. The second quarter of this year only includes data for April and May, but the number of additional issuances and destructions is almost equal to that of the first quarter.

Stablecoin issuance and destruction history, source: CoinGecko, TokenInsight

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2. Additional issuance

Among them, the number of additional issuances of HUSD was 5,280, and the market value increased by about 1 billion US dollars, with an average of 200,000 US dollars per additional issuance. Compared with USDT, which has only issued 74 times, the market value has increased by about 5.5 billion US dollars, and the average additional issuance is about 74 million US dollars, which is 370 times the average amount of each additional issuance of HUSD.

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The figure below shows the large-scale issuance of USDT in March, April and May. March was the month with the largest number of additional issuances and the largest amount, and the most violent market volatility so far this year occurred in this month.

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The number of additional issuances of stablecoins per month (left) and the amount of additional issuance (right), source: CoinGecko, TokenInsight

In addition, TokenInsight Research found that the amount of additional issuance of stablecoins varies. As shown in the figure below, the number of additional issuances of different stablecoins in different ranges is significantly different. Among them, the average number of occurrences in the small range is 1800 times per month, while the number of occurrences in other ranges is less than 30 times.

Unlike the other five stablecoins, USDT is the only stablecoin with a single issuance of more than $40 million. However, it also has additional issuances in the small range. Since 2020, a single issuance amount has been less than 10 million US dollars for a total of 12 times, 6 times between 10 million US dollars and 40 million US dollars, and as high as 40 million US dollars or more. 56 times.

The range distribution of the amount of additional issuance of stablecoins, source: CoinGecko, TokenInsight

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The number of times of destruction and the total amount of each stablecoin are shown in the figure below. HUSD ranks first in the number of times of destruction and amount; in addition, although USDT has the least number of times of destruction, its amount of destruction ranks second.

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In addition, TokenInsight Research observed that if USDT destruction is not considered, the number and amount of stablecoin destruction each month are relatively average, around 1,000 times and $500 million, respectively. The USDT destruction is characterized by a small number of times (a total of 44) but a huge amount of single destruction. In February, the proportion of destroyed amount reached half of the total destroyed amount of the month.

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Stablecoin burn times per month (left graph) and burnt amount (right graph), source: CoinGecko, TokenInsight

The stablecoins with a single destruction amount of more than 40 million US dollars include USDC and USDT, which are 1 time and 4 times respectively. In addition, there are obvious gaps in the amount of USDT destroyed, and the amount of single destruction is only less than 10 million US dollars (40 times) and more than 40 million US dollars (4 times).