Stablecoins are cryptocurrencies designed to minimize price volatility and hold (relatively) unchanged value. Generally speaking, stablecoins can be pegged to fiat currencies, other digital assets or virtually any commodity.

In this report, we concentrate on dollar-pegged stablecoins hosted on the Ethereum blockchain (ERC-20 stablecoins).

The report looks at top 6 ERC-20 stablecoins by market cap, namely:

• Tether (USDT)
• Multi Collateral Dai (DAI)
• USD Coin (USDC)
• Paxos Standard (PAX)
• TrueUSD (TUSD)
• BinanceUSD (BUSD)
• Husd (HUSD)

1. Stablecoin MarketSize

We start, as required, by determining the size of the stablecoin supply. Note that the actual amount of issued stablecoins is in a constant state of flux - for historical and real-time data, please visit app.santiment.net.

The below graph depicts the total amount of issued stablecoins to date. At present time, the stablecoin supply amounts to 10,116,201,217 coins.

The biggest stablecoin