For several months, Tether has been shifting the focus of USDT issuance from OMNI (Bitcoin network) to ERC20 (Ethereum network). In September, Tether released an official transfer announcement, which means that ERC20-USDT officially replaced OMNI-USDT. Overall, in September, the total issuance of the stablecoin market increased slightly, of which the market share of USDT remained at 80.7%, while the total issuance of emerging stablecoins increased by US$28.81 million from August, of which the market share of PAX increased significantly.
According to the data on DAppTotal.com’s stable currency page:
As of September 30, the total issuance of USDT was US$4.22 billion, an increase of US$141 million from the previous month, of which the total issuance of OMNI-USDT dropped from US$2.417 billion to US$2.127 billion, while the total issuance of ERC20-USDT decreased from US$2.417 billion to US$2.127 billion. USD 1.55 billion has increased to USD 1.98 billion, which is close to the total circulation of OMNI-USDT.
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(Figure 1: The proportion of the overall market share of stablecoins)
1. The total circulation of ERC20-USDT approaches that of OMNI-USDT
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(Figure 3: Comparison of daily transaction volume between ERC20-USDT and OMNI-USDT )
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(Figure 4: Comparison of total daily circulation of ERC20-USDT and OMNI-USDT)
2. With the help of DeFi applications, emerging stablecoins have grown steadily
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(Figure 5: Monthly Change Chart of Total Circulation of Emerging Stablecoins)
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(Figure 6: Distribution of Outstanding Loan Assets on DeFi Lending Platforms)
From the perspective of the loan asset share of DeFi lending platforms, in September, DAI ranked first with a total value of 47 million US dollars, ETH was second with 14 million US dollars, and USDC was third with 7 million US dollars. In addition, judging from the total lock-up value of DeFi lending platforms, both DAI and USDC are 18 million US dollars, which also occupy a certain market share. It is not difficult to see that the development of DeFi application scenarios will gradually expand and extend the use scenarios of emerging stable currencies. Compared with USDT's single exchange usage scenarios and potential risks, the market foundation of these emerging stable currencies will be stronger.
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