Crypto Stablecoin Report: The market value of stablecoins rises to $15.2 billion, and the rise in Ethereum Gas fees shifts on-chain transactions of stablecoins

MYKEY Lab

特邀专栏作者

2020-08-18 04:23

This article is about 2459 words, reading the full article takes about 4 minutes

On August 13, Ethereum hit a record average gas fee of $7.12 per transaction.

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To help crypto market participants keep updated on the development status of stablecoins, we launched the MYKEY Stablecoin Report to share our interpretation of the development status of stablecoins and analysis of their development trends. Looking forward to maintaining exchanges with peers and jointly exploring the development prospects of stablecoins.

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The circulating market capitalization of major stablecoins reached $15.202 billion, an increase of $815 million compared to last week.
In the past week, Tether issued 2 additional tokens on Ethereum, totaling 620 million USDT.
On August 13, Ethereum hit a record average gas fee of $7.12 per transaction.
Since the end of April, the proportion of TRC20 USDT circulation in USDT has been increasing, and now TRC20 USDT circulation accounts for 30.6% of the total USDT.
1. Overview of Stablecoin Data

1. Overview of Stablecoin Data

We first review the changes in the basic information of each stablecoin in the past week (August 8, 2020 to August 14, 2020, the same below).

Source: MYKEY, CoinMarketCap, Coin Metrics

Source: MYKEY, Coin Metrics

In the past week, Tether issued 2 additional tokens on Ethereum, totaling 620 million USDT. The circulation of USDC, BUSD, TUSD, and DAI increased by 94.81 million, 27.21 million, 49.1 million, and 32.83 million respectively, and the proportion of additional issuance of TUSD and BUSD was relatively high. The circulation of PAX, HUSD, and GUSD decreased by 3.92 million, 2.87 million, and 2.3 million respectively.

Source: MYKEY, DeBank

Source: MYKEY, Coin Metrics

Active addresses

Source: MYKEY, Coin Metrics

Last week, the average number of daily active addresses of major stablecoins increased by 6.43% from the previous week.

Source: MYKEY, Coin Metrics

Compared with the previous week, the daily number of transactions of major stablecoins increased by an average of 3.26%.

Source: MYKEY, Coin Metrics

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2. The impact of Ethereum Gas fees on the use of stablecoins

With the prosperity of Ethereum ecology, TPS has become an important factor restricting the development of Ethereum. Ethereum's on-chain transactions are gradually becoming congested, and Gas fees are getting higher and higher. High gas fees exclude users with low net worth. Stablecoins are an important asset on Ethereum, and their usage may be affected by Gas fees. According to DeBank data, the current total market value of stablecoins on Ethereum is $10.047 billion, which is 20.66% of the market value of Ethereum. In this report, we will explore the impact of Ethereum's gas fee on the use of stablecoins.

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Source: messari.io

Source: MYKEY, Coin Metrics

At present, the number of ERC20 USDT transactions accounts for 83.8% of the stablecoin transactions on Ethereum, and the on-chain transactions of stablecoins are still dominated by USDT. The top ten ERC20 USDT addresses accounted for only 14.09% of the total ERC20 USDT. More than a month ago, the top ten addresses accounted for 22.49%. ERC20 USDT holdings are becoming more and more dispersed.

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