Significant Growth in Adoption For Stablecoins In Recent Months

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).