According to a recent report by market research firm Diar, the adoption of the major stablecoin alternatives, including USD Coin (USDC), True USD (TUSD), Paxos (PAX) and Gemini USD (GUSD), has accelerated in the previous three months as on-chain transactions jumped a whopping 1032% between October and November.
The four stablecoins have seen more than $5 billion in on-chain transactions within a short 3-month period. While TrueUSD saw a decrease in transaction value, the number of transactions still increased from October to November.
The report does not dive into the exact cause of the surge in on-chain transactions, but it is likely partially due to increased adoption by major cryptocurrency exchanges.
This news came shortly after Binance announced the renaming and expansion of its Tether market to USDⓈ, which now includes a variety of popular stablecoins with an expanded assortment of trading pairs.
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.