Stablecoin value to 2 billion

stablecoin Jul 21, 2020

The total supply of stablecoins in existence has doubled to 12 billion, following an increased demand sparked off by the March 12 (Black Thursday) 50% crypto price crash.

The findings from the latest research study by Coin Metrics, which is sponsored by Bitstamp, show that it took a period between March 12 and the first half of July to add 6 billion stablecoins.

Before this addition, it had taken five years for global supply to reach the initial 6 billion.

The data appears to show that within two weeks of the crash, “over 800 million new USDT_ETH were issued.” This contrasts with “about 740 million USDT_ETH (that) were issued from January 1st through March 11th.”

Supply of another stablecoin, USDT_TRX would increase by “over 2B by the end of June.”

Other stablecoins rose as well, but by no more than a few hundred million. Tether, once again, led the way by a large margin.

Furthermore, the findings also show that addresses with at least $1M worth of USDT_ETH hold about 4.35B units of the total supply.

On the other hand, addresses holding $1,000 or less are a tiny portion of the overall supply.

Data also shows that the amount of USDT_ETH held by these large addresses increased by a significant amount in late-March and April, which suggests exchanges were suddenly holding larger amounts of stablecoins.

Coin Metrics suggests that exchanges make up a large portion of the addresses​ holding $1M worth of USDT_ETH or greater.

BtcEX - Buy and Sell Bitcoin and Altcoins
BtcEX - Most secure Cryptocurrency Exchange, Easily Buy and Sell Bitcoin and Altcoins, Get notifications and many more.
Great! You've successfully subscribed.
Great! Next, complete checkout for full access.
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.