Stablecoins on the Ethereum Network Record More Transaction Volume than Venmo

The digital currency industry has encountered a lot of resistance and hurdles from several individuals and regulators. Many have bombarded the crypto industry, disclosing their dislike for digital currencies. Recently, even the President of the United States – Donald Trump – took to Twitter to disclose his opinion about Bitcoin (BTC) and other digital currencies. Trump said some negative things about Bitcoin (BTC), Facebook’s Libra coin, and other digital currencies, saying they cannot replace fiat currency.

While the hurdles appear to be acting as a hindrance to the adoption and use of digital currencies as a means of payment, recent data revealed otherwise. According to data from Trade Block, stablecoins that run on the blockchain of Ethereum recorded more transaction volume than Venmo – a payment application.

Cryptocurrency Still Records More Use Cases and Adoption despite Resistance – Cryptocurrency News Today – Cryptocurrency Market Update

Ethereum is a crypto project that provides a platform for other developers and firms to come into the crypto industry without having to build their own blockchain from scratch. Several stablecoins run on the blockchain of Ethereum. Some of the stablecoins include Dai, Paxos, Tether (USDT), USD Coin, and True USD. Among all the stablecoins on the blockchain of Ethereum, Tether (USDT) has the highest transaction volume. The second stablecoin with the highest on-chain transaction volume is USD Coin, followed by Dai, Paxos, and True USD.

The transaction volumes of stablecoin on Ethereum’s blockchain are far much higher in the second quarter of this than in the first quarter. This shows that interest in stablecoins has increased significantly over the past three months.

Digital currency Payments Overtook Venmo in Q2 2019 – Best Cryptocurrency to invest in 2019 – Cryptocurrency News Today – Cryptocurrency Market Update

In the first quarter of last year, stablecoins only contributed an insignificant fraction of the transaction volume while Venmo accounted for the majority of transaction volume. Since then, the transaction volume for stablecoins has been increasing gradually. In the last quarter of 2018, stablecoins recorded considerable growth in transaction volume. Stablecoins recorded further growth in the first quarter of this year also.

However, the second quarter of this year was extraordinary as the total transaction volume for stablecoins outperformed that of Venmo. This is a dramatic transition that saw stablecoins outperform the traditional payment application in a space of one year. This means that the adoption and use of digital currencies for settlements are becoming more popular and acceptable by merchants that were using traditional means of payment before now.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,320.53
0.381%

The Adoption and Use Case of Bitcoin (BTC) Is Also Rising – Cryptocurrency Market Update

Bitcoin (BTC) – the world’s most dominant digital currency – is also doing pretty great on the other side. While stablecoins are being widely accepted as a means of payment, the king of crypto is not left behind. According to data, the on-chain transaction volume of Bitcoin (BTC), as well as its trading volume on trading platforms, are at the brick of exceeding those of both Visa and MasterCard – the top payment firms in the world.

The exchange volume of Bitcoin has surpassed that of MasterCard, and it is now very close to that of Visa. Bitcoin (BTC) has been said to have scaling issues. However, it is surprising that the digital currency has achieved such a level of success despite this issue. Digital currencies are here to stay, and it is obvious. Despite the hurdles and resistances, they have been thriving and will continue to thrive.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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