Stablecoin on-chain volumes have crossed the $1 trillion mark this year

Stablecoin on-chain volumes have crossed the $1 trillion mark in 2020, according to The Block Research.

On-chain volumes are any transactions that occur on blockchains. For stablecoin transactions, Ethereum remains the most popular blockchain, having about 83.5% share. TRON and Omni blockchains follow next, with about 14.5% and 2.1% share, respectively.

As for popular stablecoins, Tether (USDT) remains the leader with about 73% share of the on-chain volumes, followed by USDC (15%) and DAI (7%).

The $1 trillion figure has been achieved for the first time, suggesting that stablecoins are growing in popularity. Last year, on-chain volumes of stablecoins were about $248 billion, i.e., 3.22 times less than this year.

Source: Coin Metrics, The Block Research

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.