Earlier this year, we asked When One Billion ETH Transactions? And as part of our focus on transaction growth, we began digging into the global stablecoin market — which is now sustaining >$1 billion per day in transaction value.
To better understand the growth of the global stablecoin market, we leveraged data from Coin Metrics to create a new report:
This report details the sustained growth in transaction volumes and aggregate transaction value of the stablecoin industry. We also break out several important trends:
Stablecoins demonstrating sustained growth in transaction volume and value
- Each of the past four months have exceeded $1.0 billion in daily aggregate transaction value. May 2020 saw daily average transaction value surpass $1.5 billion.
- In 2020, average daily active addresses is >88,000.
Tether’s (USDT) successful transition to Ethereum
- In January 2019, just 1% of all USDT transaction volume occurred on Ethereum.
- In May 2020, 88% of all USDT transaction volume – and 77% of all USDT transaction value – occurred on Ethereum.
- For context, USDT-ETH accounts for 16.3% of all Ethereum transactions in 2020.
DAI’s successful transition from SAI
- In 2019, Maker averaged $775MM in monthly volume, almost entirely via SAI.
- In 2020, Maker is averaging $1,642MM (+189%) in monthly volume, almost entirely via DAI.
Reserve-Backed Stablecoins (RBSC) transformation into Crypto Dollars
- RBSCs include USDC, BUSD, GUSD, HUSD, TUSD, and PAX.
- With a 6-month transaction CMGR of 32%, RBSC’s are the fastest-growing category of stablecoins.
- RBSCs are becoming Crypto Dollars powering a new platform for global commerce.
How To Monitor Stablecoins in Real-Time:
If you care about stablecoins and transaction volume, you can set up a real-time data feed to monitor mempool data with Blocknative's mempool explorer. We operate infrastructure to monitor the Ethereum and Bitcoin mempools, making it simple for you to see every transaction state change.
Set up a data feed in ~5 minutes:
- Create a free Blocknative account
- Add an API Key
- Associate a Webhook
- Add the ERC20 Smart Contract Address
- Boom. A live mempool data feed. 🥳
Popular Smart Contract Addresses:
- USDT-ETH: 0xdAC17F958D2ee523a2206206994597C13D831ec7
- USDC: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
- BUSD: 0x4fabb145d64652a948d72533023f6e7a623c7c53
- GUSD: 0x056Fd409E1d7A124BD7017459dFEa2F387b6d5Cd
- HUSD: 0xdf574c24545e5ffecb9a659c229253d4111d87e1
- TUSD: 0x0000000000085d4780B73119b644AE5ecd22b376
- SAI: 0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359
- DAI: 0x6b175474e89094c44da98b954eedeac495271d0f
- PAX: 0x8E870D67F660D95d5be530380D0eC0bd388289E1
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