Coinmetrics: stablecoin capitalization in six weeks rose from $ 6 billion to $ 9 billion

The analytical company Coinmetrics provided data on the continuation of the active emission of stablecoins, the total volumein circulation which reached a mark of $ 9 billion. Over the past six weeks, an increase of 50%.

Data: Coinmetrics

The total capitalization of the stablecoins issued on the basis of Ethereum amounted to $ 6.25 billion. Since the beginning of the year, the indicator has grown by 95.38%, The Block reports.

Since the beginning of the year, the volume of Tether in circulation increased by 113% from $ 2.3 billion to $ 4.9 billion. The share of USDT in the ERC-20 space of “stable coins” increased to 77.84%.

Having excluded USDT from consideration, the largest share of 51.44% in stablecoin capitalization falls on USDC. Its volume reached a value of $ 737 million, and growth since the beginning of the year - 41.62%.

Higher rates showed in 48.1% and 553.1%showed HuobiUSD (HUSD) and BinanceUSD (BUSD) up to $ 147.1 million and $ 197.3 million, respectively. PAX issued over this period fell 21.3% to $ 261.1 million.

According to analysts, the sharp increase in emissions has becomea consequence of market turbulence and the devaluation of the currencies of various countries against the US dollar. Head of Circle cryptocurrency company Jeremy Allair recently announced an explosive increase in the interest of traditional businesses in the stableccoin developed by the company USDC amid the spread of the new coronavirus.

Recall the amount of daily cost transfer inblockchains of two leading cryptocurrencies, Bitcoin and Ethereum, have reached parity, according to a study by Messari. According to firm analyst Ryan Watkins, the explosive growth of stablecoins in the first quarter of 2020 led to this.