With the market being driven by the price of Bitcoin, there are various speculations of the BTC market being manipulated by whales and others. As the users’ main focus lies with major cryptos, stablecoins are taking a lead in the competition with the payments app, Venmo in terms of transaction volumes.
According to the data derived by TradeBlock, a provider of institutional trading tools for digital currencies, it was found that in the recent quarter the ERC20-based stablecoins’ transaction volumes surpassed Venmo, a mobile payment service.
According to the graph provided by TradeBlock, it can be said that the transaction volumes of the stablecoins were lesser than that of Venmo, however, come the year 2019, the transaction volumes of stablecoins such as Tether, Dai, USD Coin, Paxos, and True USD, spiked dramatically. The tweet from TradeBlock noted:
“In 2019, #crypto stablecoin on-chain transaction volumes have risen considerably. Over the most recent quarter, the 5 largest #Ethereum based stablecoins have seen, in aggregate, greater transaction volumes than Venmo.”
We can draw another inference from the graph that Tether’s volume has exceeded other mentioned stablecoins, but looking at the current market trends and on-and-off Bitcoin price rally, Tether’s supply and transaction volumes are all in question. However, USD coin, Dai, Paxos, and True USD have also noted an increase in the transaction volumes.
According to the Messari’s Stablecoin index showed a sharp spike in the trading volume of most stablecoins on June 27 with Tether [USDT] leading the pack.
At press time, the current market cap of Tether stood at $3.85 billion followed by True USD that reported the market cap of $207.38 million. Whereas the market cap of USD Coin stood at $377.74 million, and Dai at $90.67 million.