ETH and Ethereum Based Stablecoins Settled Over $1.6T in 2020

According to the yesterday-released 2020 Q4 DeFi report by the team at Consensys,  ETH, together with stablecoins running on the Ethereum network settled over $1.6 Trillion in transactions last year. The report pointed out that the majority of the stablecoin transactions on Ethereum were carried out via Tether (USDT), USD Coin (USDC) and DAI. The report stated, "The three largest stablecoins, USDT, USDC, and DAI have seen such a rise in use in 2020 that they are now responsible for more trade volume on Ethereum than the asset that pays for computation — ether (ETH) — itself. The annual transaction volume for ETH this year was $385 billion, but Tether’s USDT token settled $580 billion on Ethereum, Circle’s USDC stablecoin settled $239 billion on Ethereum, and MakerDAO’s DAI stablecoin settled $98 billion. All told, nearly $1.6 trillion USD in stablecoins and ETH transacted on Ethereum in 2020."

By Sara Zhang

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