According to an analysis by research firm Diar published on December 10 2018, the adoption of stablecoins is growing based on the increasing number of on-chain transactions.
The report states that four major stablecoins to date, USDC, True USD (TUSD), Paxos (PAX) and the Gemini Dollar (GUSD), have broken the $5 billion mark in on-chain transactions within the three-month period.
A whopping 1032% increase in on-chain transactions took place in November vs. September breaching the $2.3 billion mark at the close of last month.
It was noted by Diar that Paxos, which has raised over $93 million, has recorded over $1.8 billion on the Ethereum blockchain alone in the past three months, double that of Coinbase/Circle backed USDC.
Cryptocurrency exchanges have been increasingly adding stablecoins to their platforms. Recently, crypto exchange Bitfinex and its spin-off Ethfinex added support for USDC, TUSD, PAX, and GUSD to already supported Ethereum-backed coin DAI and Tether (USDT).