Paxos pulls ahead in the regulated stablecoin race

It’s only been a couple of weeks since all three regulated stablecoins began trading. Circle’s USDC was the last to join the party as it began trading two weeks ago. Paxos’ and Gemini’s stablecoins hit the market a month ago after they got thoroughly reviewed and approved by New York State Department of Financial Services (NYSDFS).

Although Paxos had a two week head start on USDC, it is now noticeably pulling away from Gemini’s stablecoin as well. Paxos already has more than $15.58M of USD tokens issued and it’s the most evenly distributed (see charts). USDC has approximately $13.16M issued but only two addresses currently hold 97% of the supply. Gemini dollar is the last by the amount issued with $520k but it’s much more evenly distributed.

  • Paxos Standard Token - $4.8M daily trading volume, $15.58M issued
  • USD//C - $467k daily trading volume, $13.16M issued
  • Gemini dollar - $110k daily trading volume, $526k issued

Update: A previous version of this post used USD//C volumes reported by CoinGecko, which didn't include volume on Poloniex. The post was updated to reflect the most accurate volumes.