The New York company measured and combined the volumes of five Ethereum-based stablecoins – Dai, Gemini Dollar, Paxos, USD Coin, and Tether – between Q1/2018 and Q1/2019. The first fiscal quarters showed slight growths in their net transactions. But in Q4/2018 and Q1/2019, the volume surged exponentially compared to previous recordings.
TradeBlock pitted the stablecoins’ data against that of Venmo, a mobile payment service. The researcher found that the transactional growth of Ethereum’s dollar-pegged coins was more than that of the PayPal subsidiary. Venmo processed circa $21 billion worth of transactions in Q1/2019, while stablecoins did just about $9 billion in the same timespan. Two quarters ago, Venmo had posted circa $17 billion in volume, while its Ethereum counterparts were near $3 billion.
The massive leap of stablecoins allowed TradeBlock to predict a similar scenario in Q2/2019. It predicted that the quarter would see those Ethereum tokens surpassing Venmo. The data, nevertheless, was not available at the time of this press.
What Pumped Ethereum Stablecoins
One could notice that Q4/2018 and Q1/2019 saw the launch of new stablecoins: USD Coin and TrueUSD. While USD Coin received backing from US-based regulated cryptocurrency exchanges Coinbase and Circle, TrueUSD was supported by TrustToken asset tokenization platform. Both coins brought considerable volumes atop the Ethereum blockchain.