Stablecoins saw record transaction volumes of over $90 billion in 2020's first quarter

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