As of June 4, there were six stable currencies – tetra (USDT), twin dollar (GUSD), HUSD (HUSD), PAX Gold (PAXG), TrueUSD (TUSD) and USD (USDC) – in total more than 10,000 coins. Back in 2020, the total amount was $ 8 billion, when USDT on the Ethereum blockchain dominated the stable scene. The most important stable currency began to explode in early March, which led to an increase in the market ceiling for the entire stable foreign exchange market. At the end of April, the third volume took place after bitcoins (BTC) and ether (ETH). The current market value is approximately 85% of the total stable market value.
Stable market value
During the most volatile session, in March 2020, the number of coin-producing and burning enterprises peaked, and the dollar value for newly issued codes also reached its highest point.
With regard to incineration activities, by 2020 there were about 5600 cases with a total cost of destruction exceeding $ 3 billion.
We looked at the records of quarterly coins and stable burning of currency since the beginning of 2017. The value of the dollar for burning and minting was a historic increase in the third quarter of 2019, and the volume of burning and mining activities reached a historic high. in the first quarter of 2020.
Based on these data, we believe that if this trend continues, the number of mining and mining enterprises in the second quarter of 2020 will be at least equal to the number in the first quarter of 2020.
Significant differences in the number of mining operations
The following figure shows the number of mining operations and the value of the dollar in stable currencies that were mined in the first five months of 2020.
Among the proposed stable currencies, HUSD began 5,280 coin transactions, increasing its total market value by approximately $ 101 million, an average of $ 200,000 per coin transaction. USDT started only 74 transactions with coins, but as a result, the total market value increased by about 5.5 billion dollars, an average of 74 million dollars per transaction with a coin – 370 times the average cost of HUSD paint per transaction.
We also reviewed data on stable currency units in the value of dollars and transactions. The mint’s activity peaked in March, which was also the month with the highest dollar value in 2020.
In addition, we found that the value of various different stable currencies in dollars varies. As shown in the figure below, there are significant differences in the number of different stable operations with coins.
Up to a range of $ 10 million in 2020, an average of up to 1800 monthly mining operations, while for larger values monthly less than 30 profitable activities per month.
HUSD is the most issued stable currency in the $ 10 million division, followed by TUSD.
USDT is very different from the other five stable currencies, which are the currency that has generated more than 40 million US dollars in one transaction, and these transactions were also mainly concentrated in 40 million US dollars with a total number of transactions of more than 56 coins at the moment. 2020. These are just six transactions on SQ for a total of $ 10 to $ 40 million in one bucket.
Stable currency burning operations rarely occur with significant cost and are mainly concentrated in the range of $ 10 million.
The data on the number of transactions burned and the total value of the broken dollar for each stable currency is shown in the following figure. HUSD took first place in the number of transactions burned and the cost of destruction in dollars. In addition, although USDT has the least number of transactions burned, the cost of destruction is in second place.
In addition, we note that if we exclude USDT data, the frequency and dollar value of the monthly stable devaluation of the currency will be relatively average, about 1000 times and $ 500 million, respectively.
Destroying the USDT has a lower burn rate, but each has a high value. The USDT destruction value was 50% of the total cost of combustion in February 2020.
Stable monthly cost of burning and volume of transactions burned in 2020
Destruction events are concentrated in the range of 10 million dollars and rarely have high value. Only USDT and USDC declined to be greater than or equal to $ 40 million per record transaction.