Stablecoins Transaction Volume Outpaces Giants
The year 2022, when many crypto currency prices hit the bottom, was also a busy year for stablecoin companies. While the news that the stability of 1 dollar is broken or will deteriorate, those who survived the crisis and those who did not survive, a total of 7.4 trillion dollars of stable coin transactions were made this year.
According to the information provided by Coinmetrics, the transaction volume in stablecoins has also surpassed the giants of traditional finance. For example, Mastercard achieved a transaction volume of 2.2 trillion dollars, American Express 1 trillion and Discover 200 billion dollars. While these companies lag far behind the total transaction volume of stablecoins, the only company that passed was Visa with 12 trillion dollars.
While the volume of stablecoins increased by an amazing 600 percent in two years, in 2020 this figure was 1 trillion dollars. Despite all the rises, there was a decrease in USDT transactions issued by Tether this year compared to 2021. USDT, which was traded at $3.7 trillion last year, reached $3.5 trillion for 2022. In USDC, the second largest stablecoin, the volume figure was $2.9 trillion this year. In 2021, that figure was less than $1.5 trillion. The total trading volume of the 7 major stablecoins, excluding USDT and USDC, also increased by more than 30% and exceeded 1 trillion dollars.
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