05 Sep 2019 Marsha Tusk
Number Of Stablecoin Wallets Increases; Tether Continues Its Domination
While 2019 is still on its bullish run, the stablecoin market shows signs of rejuvenation parallel to the overall market grow. Speculations about Facebook's stablecoin project – Libra, and the accusations that Tether received for not fully backing their USDT also created a healthy competition in the stablecoin realm.
The scandals around the controversial Tether led to other stablecoin projects like DAI and USDC gaining popularity.
Coinmetrics.io published a report, stating that almost among all major stablecoin projects an increase in numbers of wallet addresses with over $10 was recorded. Only the Gemini Dollar (GUSD) showed a decline over the past month.
Source: Coinmetrics.io
The overall number of addresses with over $10 is in Tether's favor, most probably because Tether is used as a gateway for buying other crypto assets. Tether dominates the chart, as close to 200,000 addresses hold over $10. The runner-up, USDT-ETH /the Ethereum-based version of USDT, holds around 160,000 addresses over $10. Coinmetrics believe that the Ethereum-based version of USDT will surpass the Omni version in the following months. DAI and Circle's USDC are way behind Tether, only accounting for around 10,000 addresses each.
Source: Coinmetrics.io
Tether is also a leader in terms of total supply. Tether records around 2,5 billion USDT, while the second in race, USDT-ETH, holds about 1,7 billion of the entire stablecoin supply. Coinmetrics, however, noticed that price volatility in stablecoins is a key metric for consideration when choosing a stablecoin.
"DAI, Tether, and GUSD showed signs of volatility. PAX and USDC were relatively stable over the past three months. Stablecoin prices should ideally stay locked in at 1:1 with fiat currency, which is used to back the stablecoin", the report states.
Cryptocurrency Crypto Market Tether stable coin Paxos Standard wallet Stablecoin Gemini Dollar Stablecoins USDT USDC PAX DAI
