Stablecoin Supply Doubles to 12 billion
The total supply of stablecoins in existence has doubled to 12 billion, following an increased demand sparked off by the March 12 (Black Thursday) 50% crypto price crash.
The findings from the latest research study by Coin Metrics, which is sponsored by Bitstamp, show that it took a period between March 12 and the first half of July to add 6 billion stablecoins.
Before this addition, it had taken five years for global supply to reach the initial 6 billion.
The report comments that the March 12th event was spurred by a massive sell-off in the global equity markets as fear over Covid-19 suddenly set in.
Uncertain about the future, global investors rushed to move out equity and crypto markets, sparking a global shortage of dollars.