According to the Token Analyst study, in the last 12 months, $290 billion worth of stablecoins were moved on-chain, a growth of 8.2 times in 12 months, from $6.2 billion in April 2019 to $50.9 billion in March 2020.
While Tether continues to be the most used stablecoin in 2020, the entire market is expanding rapidly, according to the study.
Here are highlights from the study:
$290B worth of stablecoins were moved on-chain in the last 12 months
53% ($154B) of on-chain volume was due to interacting with centralized exchanges
10% ($29B) of on-chain volume was due to performing DeFi transactions
USDT Tether token is the one most used by centralized exchanges, having 62% of on-chain volume
DAI is the one most used by DeFi protocols, having 88% of onchain volume
Here is a breakdown of the average daily on-chain volume of ETH stablecoins below: