The Volume Of Stablecoins Increased In 2020

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Analysts at Arcane Research have analyzed stablecoins. As a result, statistics show that the volume of stablecoins exceeded $25 bln, which means an increase of 395% since the beginning of the year.

Tether is still the king of stablecoins, accounting for nearly 80% of the entire market. As for its volume, it is close to $20 bln. In second place is the USDC stablecoin with more than $3 bln in circulation.

However, the growing popularity of stablecoins prompted the US Congress to consider a bill called the STABLE Act on pegging stablecoins and complying with banking licenses. If such a law is passed in the future, it will require all stablecoin providers to have a bank charter and must be approved by the Federal Reserve and the FDIC.

Image: Currency

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