ERC20 Stablecoins: Which stablecoin will come out on top?
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:
- # wallets containing each stablecoin
- # new exchanges listing each stablecoin since Sep 1st (some weeks before Tether's peg started slipping)
- # 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.