<p>The aggregate market capitalization of Ethereum-based stablecoins has increased by 95.38% year-to-date to $6.25 billion, according to research conducted by The Block’s Matteo Leibowitz.<br /> <br /> The <a href="https://www.theblockresearch.com/stablecoins-now-dominant-ethereum-based-medium-of-exchange-as-aggregate-market-cap-doubles-year-to-date-62262?utm_source=research&amp;utm_medium=email&amp;utm_campaign=2020-04-21">sharp surge</a> in stablecoin activity is likely a combination of recent market volatility and the inflation of foreign currencies against the U.S. dollar, according to Leibowitz.<br /> <br /> Among Ethereum-based stablecoins, Tether (USDT) continues to dominate the space with 77.84% of market share. Tether’s outstanding Ethereum-based supply has grown by 113% year-to-date to $4.9 billion from $2.3 billion.<br /> <br /> <iframe src="https://explore.duneanalytics.com/embed/query/2280/visualization/5040?api_key=bqUjLcpHjUV8T6NypwzCInBfi8QzE2q3AuxgUVH8" width="850" height="480"><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span></iframe><span style="font-size: 8pt; color: #999999;">Source: The Block, Dune Analytics</span><br /> <br /> CENTRE Consortium’s USDC stablecoin continues to dominate among non-Tether stablecoins with a market share of 51.44%. However, USDC faces some competition from challenger exchange-associated stablecoins: HuobiUSD (HUSD) and BinanceUSD (BUSD), with the former growing 48.09% YTD, the latter 553.11%.<br /> <br /> PAX, on the other hand, has seen its market share decline by 21.3% year-to-date.<br /> <br /> To read the <a href="https://www.theblockresearch.com/stablecoins-now-dominant-ethereum-based-medium-of-exchange-as-aggregate-market-cap-doubles-year-to-date-62262?utm_source=research&amp;utm_medium=email&amp;utm_campaign=2020-04-21">full analysis</a> and more such data-driven stories, subscribe to <a href="https://www.theblockcrypto.com/genesis">The Block Research.</a></p>