Stablecoin Supply Exceeds $10 Billion

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May 13, 2020 – The total stablecoin supply has surpassed $10 billion, making it one of the largest types of cryptocurrency currently in demand.

On May 12, 2020, data from news website The Block recorded that the total stablecoin supply is now at $10.4 billion. This is more than 70% more than the total supply of stablecoins in February 2020.

Tether (USDT) continues to dominate, representing 85% of the total stablecoin supply. USDC follows at a very distant second (7.2%).

Stablecoin Rankings:

  1. Tether (85.1%)
  2. USDC (7.2%)
  3. PAX (2.4%)
  4. Binance USD (1.8%)
  5. HUSD (1.2%)
  6. TrueUSD (1.3%)
  7. Dai+Sai (1.0%)
  8. Gemini Dollar (0.1%)

The total supply of stablecoins has been in an upward trajectory as of late. On April 22, it was reported that their total value surpassed $9 billion. Many suggest that that the increase in stablecoin circulation is directly related to the increase in the price of Bitcoin. However, some argued that this is not a 100% bullish signal for Bitcoin. News website Bitcoinist previously noted 3 factors as to why USDT supply increases:

  • Over-the-counter traders from Asia that are looking to acquire USDT.
  • People selling crypto-assets for USDT to hedge positions
  • People selling crypto-assets for USDT to reduce risk

Currently, Tether ranks as the 4th top cryptocurrency as per CoinMarketCap.

Source: The Block

This article is published on BitPinas: Stablecoin Supply Exceeds $10 Billion

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]