As of June 4, six stablecoins — Tether (USDT), Gemini Dollar (GUSD), HUSD (HUSD), PAX Gold (PAXG), TrueUSD (TUSD) and USD Coin (USDC) — have had a total of more than 10,000 minting transactions so far in 2020, totaling $8 billion, with USDT issued on the Ethereum blockchain dominating the stablecoin landscape. The major stablecoin began to explode in early March and drove the market cap of the entire stablecoin market higher. By the end of the April, it was ranked third in size behind Bitcoin (BTC) and Ether (ETH). Its current market capitalization accounts for about 85% of the total stablecoin market capitalization.
During the most volatile session, in March 2020, the number of minting and burning activities was at a peak, and the dollar value of newly issued tokens also reached its highest point.
In terms of burning activities, there have been nearly 5,600 burning events reported so far in 2020, with the total value of destruction exceeding $3 billion.
We looked at the quarterly stablecoin minting and burning records from early 2017. The dollar value of burning and minting in the third quarter of 2019 was at a historical high, and the volume of burning and minting activities reached a historical high in the first quarter