Tether’s USDT token and the Tron Blockchain Network dominated in rapid growth Stablecoin Payment industry, according to analytics firm Artemis with assistance from investment companies Dragonfly and Castle Island Ventures.
A report entitled “Stablecoin Payment from Ground Up” looked at data from 31 Stablecoin payment companies, and found USDT, the largest stablecoin, worth 90 percent of the payment transaction volume, followed by the USDC of the Circle, the second largest. The tron is the preferred network of regulating, which has a sneezing around 60 percent of the volume, followed by Ethereum, Binance Smart Chain and Polygon.
The Stablecoin payment volume snapshot taken in February is added to an annual $ 72.3 billion, covering different types of payments and sectors (B2B, P2P, B2C, card, and lending).
Stablecoins, predominantly in digital dollar tokens, were originally used to conveniently park money while trading cryptocurrencies. But these cheap costs, immediately arranged financial instruments are now eating payments across the board, with bullish estimates in the potential market size derived from the same Crypto folk companies and Main banks.
It is probably surprising that the USDC’s part of the Circle is not greater, the company has been involved in payments and Recent plans To introduce a dedicated cross-border payment network.
In addition, circle, that this week That -file for an initial public offer In the New York Stock Exchange, it is taking market sharing from Tether in terms of release, so the hope that can be a similar or pro-average level when it comes to payment volume, Dragonfly General Partner Rob Hadick said.
“For the 31 we provide data from at least, it’s obviously not the case for the case of payment use,” Hadick said in an interview. “In fact, a higher part of the volume, associated with release, occurs in Tether, and this occurs especially in the Tron and then Ethereum. It is a bit surprising to us.”
This view is slightly shaped by the fact that many business-to-business items, such as paying suppliers for global supply chains, occur from emerging markets to the US or from the US to emerging markets. In some of those groceries, places like Argentina or Brazil, for example, people can remember things like bank failures, and Tether is seen as a reliable brand, Hadick said.
Additionally, companies that use stablecoins for payments have little concern about which blockchain is used to settle. The tron is fast and inexpensive and there is more than $ 60 billion of USDT in the chain, so it just makes sense, he added.
“If you go to Argentina or Brazil, people don’t say they want to use Stablecoins, they say we’re using Tether,” Hadick said. “Tether is the brand that is all in access to the USD, in the same way that US Uber is in all the car getting you called from your phone.”
