The cumulative market cap of all stablecoins is now over $ 20 billion.
Dai and Tether are the fastest growing stablecoins.
Tether issued an additional 300 million USDT for the TRON network
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This year, the decentralized finance (DeFi) frenzy has resulted in such demand for stablecoins that their combined market cap is now over $ 20 billion. This is more than any other cryptocurrency except Bitcoin and Ethereum .
The boom in decentralized finance in 2020 has resulted in the influx of huge amounts of cryptocurrency collateral into the protocols and cash pools of yield farming. A large majority of these collateral comes from stablecoins, which has resulted in increased demand and a sharp rise in their cumulative market capitalization.
Recent research from crypto-analysis firm Immediate Bitcoin looked at the expanding world of stablecoins. The data reveals historic growth in the third quarter, with more than $ 8 billion added to their cumulative market cap:
Stablecoins have experienced historic growth in the third quarter of 2020.
The total monetary base of stablecoins increased by $ 8.2 billion, which is more than the last four quarters combined.
Ethereum-based stablecoins are on the rise
The analysis found that of this $ 20 billion in aggregate market capitalization, more than $ 15 billion is based on Ethereum’s ERC-20 standard. Among ETH-based stablecoins, around two-thirds are on centralized exchanges.
The results revealed that Dai is by far the fastest growing stablecoin, gaining 618% in the quarter, driven by demand from the yield growing business and NFT (non-fungible tokens) markets. . Tether wasn’t far behind, growing over $ 1 billion in a single quarter.
Surprisingly, the DeFi Synthetix protocol measured impressive growth for its own SUSD stablecoin, which rose 263% for the period.
Binance’s own stablecoin, BUSD, managed to gain 187% for the quarter. The exchange has worked to attract liquidity providers for DeFi protocols such as PancakeSwap and BakerySwap using its own Smart Chain network.
Coinbase and Circle’s USDC was not far behind with 157% growth over the three-month period, while others like the Gemini Dollar (GUSD) managed 50%.
Always more USDT
In the wake of Bitcoin’s surge to a new high for 2020, Tether’s coin issuer is operating at full speed and producing more USDT. In the last 24 hours, an additional 300 million Tether has been added to its offering:
300,000,000 #USDT (299,180,785 USD) issued by Tether treasury.
Technical Director Paolo Ardoino added that this USDT issue was a replenishment for the TRON network ;
300M USDt of inventory replenishment on the Tron network. Note that this is an authorized but not issued transaction, which means that this amount will be used as inventory for issuance requests for the next period.