Stablecoins off to a strong start in 2020

March has seen a series of stablecoin records broken this month, including new highs in: total stablecoin outstanding value ($7 billion), the total value of USDT on Ethereum (~$4 billion), and quarterly stablecoin transaction volumes (+$90 billion) -- and there are still 6 more days left in the quarter.

The total value of stablecoins in circulation is now over $7 billion, adding more than $1.7 billion since the start of the year. While 90% of the total stablecoin outstanding value still resides within Tether (USDT, USDT-Ethereum, and USDT-Tron), USDC has seen the same pace of growth as Tether (33%) through 1Q20 (off a smaller base) and is edging closer to $1 billion in total outstanding value (currently ~$700 million). Out of all the stablecoins tracked by Coin Metrics, USDC has grown the most Y/Y, at more than 180%. Ex-Tether, USDC is 2/3 the size of the rest of the stablecoin market.