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You are here: Home / News / Stablecoins facilitated an astonishing $1.7T in transaction volume in Q2: Messari
Stablecoins facilitated astonishing $1.7T in transaction volume in Q2: Messari

Stablecoins facilitated an astonishing $1.7T in transaction volume in Q2: Messari

July 14, 2021 by Chayanika Deka

Stablecoins are non-volatile assets that mostly remained got fresh attention this month after the USDC issuer, Circle revealed its plan to list on the New York Stock Exchange, that too on the same day, when China’s central bank warned about these tokens citing serious risks to global financial systems.

The price of the cryptocurrencies might have taken a backseat, but the transaction volume of stablecoins has remained widely unfazed. According to Messari’s latest report, these tokens saw impressive growth in Q2 this year. In fact, this cohort of cryptocurrencies reportedly facilitated an unprecedented $1.7 trillion in transaction volume, an increase of 1,090% year-over-year and 59% since Q1.

Messari’s Senior Research Analyst, Ryan Watkins noted,

“The stablecoins story continues to rhyme each subsequent quarter – climbing up and to the right.”

stable
Stablecoins facilitated an astonishing $1.7T in transaction volume in Q2: Messari 4

USDT’s dwindling market dominance paves the way for other stablecoins

Watkins also mentioned that the stablecoin monetary base climbed above $107 billion in the second quarter of the year, and was 70% since the first quarter in addition to raking in 803% year-over-year. While Tether [USDT] still leads the figures, its dominance has been dwindling of late, owing to serious controversies that have damaged its reputation. As a result, USDC, BUSD, and DAI have been on a rapid increase. So much so that their market share has applied by 23%, 9%, and 5%, respectively.

USDC, for one, has experienced a tremendous leg up in Q2. Currently, more than 50% of the total supply now sits in smart contracts which is almost equivalent to $12.5 billion. While this share is not as high as DAI, USDC still leads by a wide margin in terms of dollars.

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Stablecoins facilitated an astonishing $1.7T in transaction volume in Q2: Messari 5

In addition to that, Messari also observed that the decentralized stablecoins have also maintained a consistent upward trajectory. Fortunately, decentralized tokens such as DAI’s continue to win share from centralized stablecoins. At the beginning of the second quarter, the decentralized ones surged to an all-time high of almost 10% of the total stablecoin supply.

Besides, DAI remained the market leader this quarter with a 61% share of the market. Interestingly, its share had taken a hit in Q1 due to Terra’s rise.

Filed Under: News Tagged With: DAI platform, stablecoin, USDC, USDT

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