Stablecoins are dry powder for Bitcoin and Co.
If we consult the current data of the various stablecoins, we can see enormous growth. The market capitalization of the various stablecoins has doubled in the past six months. On average, about $ 1 billion was added to various stablecoins every month. One of the main reasons for this development is the global economic problems. Many people are fleeing the US dollar because they still see the “safe haven” here. It is often people for whom access to the US dollar is severely restricted or even banned. Countries like Argentina and Venezuela are particularly worth mentioning here. Therefore, as an alternative there is only a stablecoin that is covered with USD. “Cash” is apparently still king.
Transaction volume of stablecoins exceeds BTC and ETH
The transaction volume with stablecoins has exceeded Bitcoin’s transaction volume for the first time. This is a historical event and shows a certain trend. The crypto data aggregator Unfolded has published a chart on Twitter that shows the transaction volumes of Bitcoin, Ethereum and stablecoins over time. The tweet states: “In June 2020, the value transferred with stablecoins exceeded the value transferred with BTC for the first time”. Here is a link to the tweet refered: https://twitter.com/cryptounfolded/status/1283318196603359232