Despite the explosion of stablecoins launching in 2018, Tether (USDT) continues to dominate as Tether accounts for 98% of the total daily trading volume of all stablecoins, as well as 60% of Bitcoin’s daily trading volume.
This data comes from a recent report by Blockchain, a leading European cryptocurrency wallet provider, that reviewed the 57 active stablecoins, including both live and pre-launch projects, using a new data set that includes previously non-public information.
The report reveals over $350 million in funding has been committed to date from established firms such as Google Ventures (GV), Andreessen Horowitz, Lightspeed Venture Partners and Bain Capital Ventures.
In the last few weeks alone, Circle launched the dollar-pegged USD Coin (USDC), Gemini, launched the Gemini dollar (GUSD), and Andreessen Horowitz invested $15 million into MakerDAO (MKR), the creator of stablecoin Dai (DAI).
While around two-thirds of all stable coins are pegged to the U.S. dollar, the trend is beginning to expand into other commodities and international currencies. For instance, The London Block Exchange, a financial firm that conducts over-the-counter crypto trades and operates a crypto exchange, is reportedly planning to launch its own stablecoin pegged to the British pound, LBXPeg, within the next 10 weeks.
As for Blockchain itself, the company has reportedly launched its own over-the-counter (OTC) trading desk for digital assets to execute large trades off of major public crypto exchanges, such as Coinbase or Binance.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.