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Supply volume of stablecoins increased by 94% in three months
CONTENT

  • Stablecoin Supply Grows 94% in Last Four Months of 2020.

  • USD pegged stablecoins grow from $ 5.7 billion in February to $ 11 billion in June.

  • Such growth may indicate an expansion of dollarization.

International consortium of news organizations, developing transparency standards.

Over the last four months of 2020, the supply of dollar-backed stablecoins increased 94% from $ 5.7 billion in February to $ 11 billion in June.

Over the past four months, the total supply of stablecoins in the market has increased by as much as 94% – from $ 5.7 billion in February to $ 11 billion in June..

For more information on what stablecoins are and how they work, read our review..

Renaissance for stablecoins

According to research by The Block, dollar-backed stablecoins are undergoing a renaissance as demand skyrockets this year. In 2020, the stablecoin market has almost doubled its size over the past three years.

Of the eight stablecoins studied, Tether achieved the most notable performance this year, accounting for 86.2% of total growth.

Supply volume of stablecoins increased by 94% in three months

This is followed by the joint project of Circle and Coinbase – USDC with a share of 6.8% of total growth.

Don’t Know Which Stablecoin Stablecoins – in literal translation from English “stable” coins – continue to gain popularity in the digital asset market. With … More is better, and do you need it at all? Connect to our telegram channel, we will answer all questions.

French journalist Gregory Raymond, who covers events in the cryptocurrency industry, said that the surge in supply could indicate impending demand for cryptocurrency, adding that “we traditionally buy these assets before buying other cryptocurrencies.”.

The causes of the boom and its consequences

Perhaps the boom in stablecoins is fueled by the global pursuit of liquidity amid the coronavirus. It may also indicate an increase in dollarization, or rather, cryptocurrency dollarization..

As CoinMetrics co-founder Nick Carter noted, former IMF chief Christine Lagarde talked about the benefits of cryptocurrency dollarization back in 2017.

“Think of countries with underdeveloped institutions and unstable national currencies,” said Lagarde..

Supply volume of stablecoins increased by 94% in three months

Instead of accepting another country’s currency – such as the US dollar – some of these economies may increase their use of virtual currencies.

Supply volume of stablecoins increased by 94% in three months

Let’s call it dollarization 2.0 “.

While she had no idea the scale of the economic chaos to come, it looks like Lagarde as a whole hit the spot with crypto dollarization..

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Supply volume of stablecoins increased by 94% in three months

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