The total market capitalization of stablecoins has reached $ 12 billion. At the same time, according to the analytical company Messari, Ethereum accounts for more than 85% of the transaction value of all issued stablecoins.
Messari researcher Ryan Watkins stated in his Q2 2020 stablecoin market survey that, having almost parity with BTC in daily redemption value in Q1, ETH outperformed BTC in Q2.
"All indications are that Ethereum accounts for over 65% of all stablecoins issued and over 85% of the value of their transactions," Watkins writes.
The analyst also noted that stablecoin trading volumes are subject to two main trends. The first is the financial panic associated with the coronavirus pandemic.
In the last quarter, the market capitalization of stablecoins grew by $ 3.8 billion, with USDT accounting for most of that growth. It now accounts for more than $ 10 billion of the total stablecoin market capitalization. As Watkins notes, "USDT may very soon surpass BTC and become the dominant crypto asset based on the open blockchain."
The sUSD stablecoin, launched in January this year by the Synthetix platform, and the Binance BUSD stablecoin, which began trading in September last year, also showed strong growth, but they are still far from USDT.
Watkins believes that the overall rise in the market capitalization of stablecoins is good news not only for this class of cryptoassets, but also for the blockchains on which they are issued.
“In the second quarter of 2020, it became clear that the growth over the previous quarter was not only driven by financial panic due to the coronavirus pandemic. Stablecoins offer in some respects an excellent solution for payments and savings, ”he said.
Watkins stressed that the use of stablecoins is also correlated with the growth of the decentralized finance (DeFi) industry:
“Stablecoins have been at the center of all the DeFi growth events that have helped uncover use cases for this class of cryptoassets beyond payments alone,” said Watkins.
Recall that, as reported at the beginning of the month, the capitalization of the USDC stablecoin exceeded $ 1 billion.