Delphi Daily

Stable coins come in many different forms, but fiat-backed absolutely dominate market share. The fiat-backed stable coin subset is further dominated by tether (USDT), typically making up over 80% of the fiat-backed stable coin supply. USDT was initially solely issued on Bitcoin’s blockchain through the Omni layer, but recent issuance has primarily taken place in ERC20 form on Ethereum’s blockchain, with a non-negligible 750m coins that also exist on Tron’s network.

Aside from a 300 million coin shift (burn and mint) from Tron’s chain to Ethereum’s that didn’t alter total supply, total supply of stable coins remained level through the first two months of the year. March kicked off the growth in stable coin supply and it has yet to slow down. Supply has increased 55% since March 1st, from 5.6B to 8.7B tokens. That comes out to nearly $65 million in new coins issued on a daily basis. For context, there’s only about $12.6 million worth of bitcoin issued daily with the price at $7,000. A majority of the issuance came from Eth based USDT, but Coinbase’s (USDC) and Binance’s (BUSD) stable coins also saw sizable growth relative to their existing supply during that period.

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