Stablecoins have seen significant growth in transaction volumes since the beginning of 2020.
According to research by The Block, in Q1 2020, the transaction volume for stablecoins increased by 8% from the previous quarter and surpassed $90 billion for the first time ever. As a point of reference, the total transactional volume for stablecoins was $250 billion last year, while that for PayPal was $712 billion.
Notably, this growth came from not only trading activities but also on-chain value flow from one address to another.
Across a variety of trading pairs, USDT-ETH transactions constituted 62% of the total stablecoin volumes in 2020's first quarter. Meanwhile, DAI and USDC experienced the largest growth in the quarter by 344% and 54%, respectively.
Source: Coin Metrics, The Block