Stablecoins Have Been Adding $100m Per Day
Plus a big market dump that doesn't have bitcoiners worried in the slightest
Happy Thursday, Blockfolians
This year has been monumental for stablecoins. The total supply of USD stablecoins coming into this year stood around $4B.
When COVID-19 hit, that number started to grow quickly. Interestingly, it wasn’t just crypto use cases (in other words, moving out of risky tokens into something stable) but real world payment use cases that drove demand. There was also high demand from people trying to escape local fiat regimes and move into dollars.
As the year has gone on, that demand has continued. In fact, since DeFi began its tear a couple months ago, that number has only increased. Nic Carter pointed this out today on Twitter:
4x growth in a year is nothing to sneeze at.
Stablecoins are quietly one of the biggest crypto stories of 2020.
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Highly Relevant Reading
Russia’s Ministry of Finance is trying to ban crypto
A new DeFi risk management provider has launched with a $2M seed round
Market making giant Jump Trading is providing liquidity to Serum
One investor in Gnosis is asking the team to return funds
The big news today is the traditional markets big correction, led by a tech stock dump. Chamath’s thread is important for understanding the dynamics at work.
In case you were worried bitcoiners would get nervous about a dip…
A Really Big Number We Should Be Paying Attention To
That’s the fee spike on Ethereum over the last month due to network congestion from DeFi