Diar Report Shows Stablecoins Trading Volumes Reach New Record, Over $4 Billion On The Blockchain
Report Shows Stablecoins Trading Volumes Hit New Record
Stablecoins have just reached a new trading volume record. As the market is moving away from the bear market, enthusiasts and investors are entering the market and this can be reflected in the trading volume of digital assets, specifically stablecoins. This is according to a recently released report by Diar.
Stablecoins Reach New Trading Volume
Trading volumes for Tether pairs have reached a whopping $1.3 trillion. According to Diar, this is $200 million more than all of the last year. This is surprising because Tether (USDT) has been involved in different controversies. Despite the fact that there are different concerns about the funds used to back its peg, Tether has the most liquid pairs in different exchanges in the market.
It is also possible to see that there are some new stablecoins that are gaining traction, including the Circle/Coinbase backed stablecoin USDC. This digital asset has registered a trading volume increase of 435% while its USD valuation grew over 40% since the beginning of the current year.
The TrueUSD token (TUSD) is also one of the stablecoins that has started to grow and move forward in the market. The digital currency has registered a $3.8 billion in trading volume just in May. At the same time, TUSD is faster for traders than USDC.
At the moment, stablecoins have a market valuation of $4 billion and there are more coins and options entering the market. Although stablecoins continue to grow, they are struggling to offer different services outside centralized exchanges such as trading platforms.
Coinbase has also decided to offer USDC trading pairs to 50 new countries. The platform is currently offering services to individuals in 103 jurisdictions when a year ago they were only operating in 32 countries.