From Stablecoins to Crypto Dollars

Blocknative Ethereum Web3

Earlier this year, we asked When One Billion ETH Transactions? And as part of our focus on transaction growth, we began digging into the global stablecoin market — which is now sustaining >$1 billion per day in transaction value. 

To better understand the growth of the global stablecoin market, we leveraged data from Coin Metrics to create a new report: 


Download The Report

This report details the sustained growth in transaction volumes and aggregate transaction value of the stablecoin industry. We also break out several important trends:

Stablecoins demonstrating sustained growth in transaction volume and value

  • Each of the past four months have exceeded $1.0 billion in daily aggregate transaction value. May 2020 saw daily average transaction value surpass $1.5 billion. 
  • In 2020, average daily active addresses is >88,000.

Tether’s (USDT) successful transition to Ethereum

  • In January 2019, just 1% of all USDT transaction volume occurred on Ethereum.
  • In May 2020, 88% of all USDT transaction volume – and 77% of all USDT transaction value – occurred on Ethereum. 
  • For context, USDT-ETH accounts for 16.3% of all Ethereum transactions in 2020.

DAI’s successful transition from SAI

  • In 2019, Maker averaged $775MM in monthly volume, almost entirely via SAI.
  • In 2020, Maker is averaging $1,642MM (+189%) in monthly volume, almost entirely via DAI.

Reserve-Backed Stablecoins (RBSC) transformation into Crypto Dollars

  • RBSCs include USDC, BUSD, GUSD, HUSD, TUSD, and PAX.
  • With a 6-month transaction CMGR of 32%, RBSC’s are the fastest-growing category of stablecoins.
  • RBSCs are becoming Crypto Dollars powering a new platform for global commerce.

Download The Report


How To Monitor Stablecoins in Real-Time: 

If you care about stablecoins and transaction volume, you can set up a real-time data feed to monitor mempool data with Blocknative's mempool explorer. We operate infrastructure to monitor the Ethereum and Bitcoin mempools, making it simple for you to see every transaction state change. 

Set up a data feed in ~5 minutes:

  • Create a free Blocknative account
  • Add an API Key
  • Associate a Webhook
  • Add the ERC20 Smart Contract Address
  • Boom. A live mempool data feed. 🥳

Popular Smart Contract Addresses:

  • USDT-ETH: 0xdAC17F958D2ee523a2206206994597C13D831ec7
  • USDC: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
  • BUSD: 0x4fabb145d64652a948d72533023f6e7a623c7c53
  • GUSD: 0x056Fd409E1d7A124BD7017459dFEa2F387b6d5Cd
  • HUSD: 0xdf574c24545e5ffecb9a659c229253d4111d87e1
  • TUSD: 0x0000000000085d4780B73119b644AE5ecd22b376
  • SAI: 0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359
  • DAI: 0x6b175474e89094c44da98b954eedeac495271d0f
  • PAX: 0x8E870D67F660D95d5be530380D0eC0bd388289E1


Observe Ethereum

Blocknative's proven & powerful enterprise-grade infrastructure makes it easy for builders and traders to work with mempool data.


Want to keep reading?

Good choice! We have more articles.


No More Decoding Headaches: Announcing The Blocknative Decoding API

For builders working with Layer 2 (L2) solutions, one challenge has consistently slowed development..


Blob Inversion: An Investigation Into the June 20th 2024 Blob Spike

Thank you to all those who provided input and review on this piece, including Julian Ma, Soubhik..


Ethereum's EIP 4844 Dencun Upgrade: A 85-Day Analysis

Ethereum's EIP 4844 Dencun Upgrade: An 85-Day Analysis Ethereum's EIP 4844, part of the Dencun..

Connect with us. Build with us.

We love to connect with teams who are building with Blocknative. Tell us about your team and what you would like to learn.

"After first building our own infrastructure, we appreciate that mempool management is a difficult, expensive problem to solve at scale. That's why we partner with Blocknative to power the transaction notifications in our next-generation wallet."

Schedule a demo