Stablecoin supply saw massive growth in March, but some platforms have benefitted much more than others.
Economic uncertainty owing to the spread of COVID-19 has sent many investors rushing to the relative safety of stablecoins.
Asset allocation has been highly variable, with Binance and Huobi coins capturing the lion’s share and DAI falling short.
Ethereum users locked up ETH in Tether while TRON users moved assets in the opposite direction.
Amid sky-high economic uncertainty from the effects of the coronavirus, stablecoins have experienced stunning inflows of value—but not all platforms have benefitted equally. Between March 18 and April 1, the supply of stablecoins grew more than 60%. BUSD and HUSD, the Paxos-powered stablecoins built for Binance and Huobi, added a stunning 278% and 56%, respectively, to their total supply in that short time. On the other end of the spectrum, DAI supply increased just 10% as investors shunned the DeFi-powered stablecoin after significant flaws in the platform were revealed during the ‘Black Tuesday’ crypto crash. According to a spokesperson for Paxos, the digital asset infrastructure company behind BUSD and HUSD, the source of recent supply growth in those coins isn’t all established crypto investors. Read More...