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