Stablecoins have seen vital progress in transaction volumes for the reason that starting of 2020.
In line with analysis by The Block, in Q1 2020, the transaction quantity for stablecoins elevated by 8% from the earlier quarter and surpassed $90 billion for the primary time ever. As some extent of reference, the overall transactional quantity for stablecoins was $250 billion final yr, whereas that for PayPal was $712 billion.
Notably, this progress got here from not solely buying and selling actions but in addition on-chain worth stream from one deal with to a different.
Throughout a wide range of buying and selling pairs, USDT-ETH transactions constituted 62% of the overall stablecoin volumes in 2020’s first quarter. In the meantime, DAI and USDC skilled the biggest progress within the quarter by 344% and 54%, respectively.