Q1 2020 Review: Stablecoins ascend to new heights in global economic downturn

Ryan WatkinsApr 15, 2020 ⋅ 5 min read

The story of stablecoins is the story of Ethereum, and Q1 2020 was stablecoins’ best quarter ever. Driven by a global flight to safety amidst the coronavirus pandemic, stablecoin issuance ballooned over $8 billion in the quarter. The action was so dramatic it shook the prevailing order in cryptocurrencies.

Ethereum is becoming the dominant value transfer layer in crypto, Tether cracked the top 3 cryptocurrencies by market cap, and stablecoin challengers have gained serious momentum.

Ethereum

Stablecoins on Ethereum not only increased in amount this quarter, but also in transfer value. Stablecoin transfer value increased so much in the quarter that it brought the amount of value transferred over Ethereum to parity with Bitcoin; even without every other Ethereum based token included.

Ethereum is becoming the dominant value transfer layer in crypto. Crypto is dollarizing, and it’s dollarizing on Ethereum.

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Ryan Watkins

72 Reports RyanWatkins_

Ryan Watkins was a Senior Research Analyst at Messari. Previously, he worked at Moelis & Company as an Investment Banking Analyst where he worked on deals in the technology, telecom, and fintech sectors. Ryan graduated Magna Cum Laude from the Gabelli School of Business at Fordham University.

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Ryan Watkins

72 Reports RyanWatkins_