Crypto

Different Stablecoins Find Traction on Exchanges and in DeFi

There are many different opinions on what stablecoins bring to the table in the cryptocurrency industry. Current statistics confirm the popularity of these assets, and they also create a lot of on-chain volume. 

There are many different stablecoins in the cryptocurrency industry today.

Different Stablecoins for Different Purposes

Despite the growing competition, Tether’s USDT has remained in firm control of the market. 

New statistics provided by Token Analyst seems to confirm that things are moving ahead nicely.

More specifically, there is a near 820% increase in on-chain volume pertaining to stablecoins over the past 12 months.

This trend has been virtually continuous, barring a small dip in December 2019 and January 2020.

Over half of the on-chain volume comes from centralized exchanges, which isn’t entirely surprising.

However, 10% of the volume also comes from DeFi transactions.

That particular industry is growing rapidly, although there is still ample work to be done.

Several hacks and other incidents have cast a darker shadow over the DeFi industry lately.

There is a big difference between which stablecoin is used for DeFi or centralized exchanges.

On the exchange front, Tether’s USDT is the most popular option.

For DeFi, the clear market leader is Dai, which won’t come as too big of a surprise to most. 

Image(s): Shutterstock.com

Leave a Comment

Your email address will not be published. Required fields are marked *

*