According to analysis by research firm Diar published Dec. 10, the adoption of stablecoins is growing based on the increasing number of on-chain transactions.
Per Diar, four major stablecoins to date — USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD) — have broken the $5 billion mark in on-chain transactions within the three-month period.
November reportedly saw a massive 1,032 percent surge in on-chain transactions compared to September, when the stablecoin market breached the $2.3 billion mark at the end of last month.
Diar notes that Paxos has recorded over $1.8 billion on the Ethereum (ETH) blockchain alone during the past three months. The figure is reportedly double the number of USDC jointly developed by major U.S. cryptocurrency exchange Coinbase and blockchain payment company Circle.
Cryptocurrency exchanges have been increasingly adding stablecoins to their platforms. Recently, crypto exchange Bitfinex and its spin-off Ethfinex added support for USDC, TUSD, PAX, and GUSD to already supported Ethereum-backed coin DAI and the industry stalwart, Tether (USDT). The move was made in a bid to keep the platforms “agnostic.”
Major cryptocurrency exchange Binance renamed its Tether Market to be a combined Stablecoin Market (USDⓈ), which will purportedly allow the exchange to support more trading pairs of stablecoins. Prior to that, Binance added support for PAX, TUSD, and USDC.
Last week Cointelegraph reported that Chinese crypto investor Li Xiaolai will lead a stablecoin project within the Hong Kong-based blockchain fund Grandshores Technology. The new stablecoin will purportedly represent a “stable digital currency system” that will be focused on global mainstream currencies.