Despite many stablecoins ranking among the top 20 most traded crypto assets by monthly volume, a recent report has shown that there are few onchain transactions conducted using these fiat-pegged tokens.
Also Read: Swiss Stock Exchange Launches Trading for ETH ETP
DAI Sees Significant Onchain Usage
Of the established stablecoins, DAI has recorded the largest number of on-chain transactions, despite comprising one of the smallest stablecoins by market capitalization, with $78.27 million. Over the five-day period sampled by Tradeblock, 10,079 onchain DAI transactions were conducted.
Tradeblock attributes DAI’s relatively large onchain volume to its widespread adoption among decentralized exchanges (DEXs). The report estimates that 350 transactions take place onchain daily, adding that “the Makerdao team behind the DAI token estimates that 50% of the total daily DAI value transferred is occurring on DEXs.”
Offchain Transactions Minimal for USDC, PAX and GUSD
By contrast, despite USDC’s $257.58 million market cap, only 5,041…