Cryptocurrency public blockchains will settle more in 2020 than ever before and have already topped $1.3 trillion, data shows.
The Ethereum network, which supports stablecoins including market cap leader Tether (USDT), has added another $423 billion to the total. Growth in combined stablecoin transaction value is conspicuous, with the first seven months of 2020 topping last year’s total of $337 billion and 2018’s $146 billion.
Removing fiat ties
Cryptocurrency consumer payments are still firmly within the discovery phase. Many mainstream options represent a “bridge” to fiat, such as cryptocurrency debit cards.
These, and anything else which is dependent on the fiat economy, are also subject to disruption due to centralized control of the underlying infrastructure.
The liquidation of Germany’s Wirecard earlier this month temporarily caused European cryptocurrency debit cards to stop working.
Decentralized cryptocurrencies, and specifically Bitcoin, are designed to make it impossible for a third party to control network activity.