ERC20 Stablecoins: Which stablecoin will come out on top?

Updated 11 months ago by Alex Svanevik

While Tether's peg to the US dollar has been slipping, ERC20 stablecoins have been grabbing market share. In just a matter of weeks, the combined market cap of ERC20 stablecoins more than tripled from $175M USD to >$575M USD.

But among all these ERC20 stablecoins, which will come out on top?

Here you can follow the ERC20 stablecoin race, looking at three metrics:

  1. # wallets containing each stablecoin
  2. # new exchanges listing each stablecoin since Sep 1st (some weeks before Tether's peg started slipping)
  3. # exchanges listing each stablecoin in total


Number of wallets containing each stablecoin is simply a daily snapshot of the Ethereum blockchain where we check how many wallets contain each stablecoin. This graph gets updated every 24 hours.

Dai has been leading the race for a while in terms of number of wallets, but other coins such as USD Coin, Paxos Standard Token, and TrueUSD are growing rapidly - largely driven by their exchange listings, which you can see below.

Exchange Listing Growth

Exchanges listing growth is simply a cumulative sum of exchanges that list said stablecoin, since Sep 1st, 2018. This graph gets updated as soon as we detect a new exchange listing.

Total Exchange Listings

The above is the total number of exchanges listing each stablecoin as of today. This graph gets updated as soon as we detect a new exchange listing.

If you'd like to learn more about stablecoins, check out our podcast episode on stablecoins.

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