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Surging Stablecoin Issuances

The recent run-up in crypto prices has led to a surge in new issuances for stablecoins. It’s true especially for fiat-backed USD stablecoin projects. Despite the ongoing investigation into Tether’s questionable way of operating its business, USDT’s issuance since the beginning of April 1st (BTC at roughly $4000) has shown phenomenal growth of 40%. More recent US-based stablecoin projects such as TUSD and PAX have seen a significant increase in net new issuances over the same period. Circle/Coinbase backed USDC has seemingly benefited from Coinbase’s foray into over 50 new countries as the outstanding token quantity has increased by over 100 million in the last 50 days.

Data in $ millions. Source: Coinmetrics
Data in $ millions. Source: Coinmetrics

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