According to a study carried out by The Block, the total market cap of Ethereum-based stablecoins has increased by 95.38% during 2020 to $6.25B.
It looks like this jump could be related to recent market volatility, partly due to the crisis caused by the COVID-19 pandemic and to the inflation of foreign currencies against the US dollar.
Of all the stablecoins based on ETH's ERC-20 protocol, Tether keeps dominating the market with a share of over 77% after its supply has increased by 113% in 2020 from $2.3B to $4.9B.
CENTRE Consortium’s USDC also dominates with a 51.44% market share. However, the USDC faces competition from exchange stablecoins such as HuobiUSD (HUSD) and BinanceUSD (BUSD), which have recorded an increase of 48.09% and 553.11%, respectively.
However, not all ETH-based stablecoins have grown. Thus PAX has registered a 21.3% fall in its market share.
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