Amidst the DeFi mania propelled by yield farming, the economic foundation of this sector, stablecoins are growing massively as well.
The total supply across the most popular stablecoins has actually reached a new peak of $20 billion, thanks to the increasing demand for these USD-pegged cryptos.
The most popular stablecoin, Tether, has surpassed $15 billion in market cap, out of which 60% is on Ethereum blockchain. USDT is also the second-biggest gas guzzler after DEX Uniswap.
In the last 30 days, $10.5 million worth of gas has been spent by Tether on Ethereum Network, as per Eth Gas Station.
However, it’s not just Tether, but other stablecoins are also gaining traction extensively. In the month of September, the market cap of BUSD, Binance’s stablecoin, has surged from $190 million to $325 million, as per data source Skew.
In less than a fortnight, Circle and Coinbase’s USDC added $500 million, currently standing at a $2 billion market cap.
2 Billion issued on USDC.
money is entering crypto and DeFi at record pace pic.twitter.com/H4PmTX51CY
— CL (@CL207) September 13, 2020