Value transfer on Ethereum just reached parity with Bitcoin.

This is a story of the explosion of stablecoins in Q1 2020.

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Q1 2020 was stablecoins’ best quarter ever.

Driven by a global flight to safety amidst the coronavirus pandemic, stablecoin issuance ballooned over $8 billion in the quarter.

Stablecoins added nearly as much market cap in Q1 2020 as they did in all of 2019.

The action this quarter was so dramatic it shook the prevailing order in cryptocurrencies.

- Ethereum is becoming the dominant value transfer layer in crypto

- Tether cracked the top 3 cryptocurrencies by market cap

- Stablecoin challengers have gained serious momentum

Stablecoins now account for 80% of daily transfer value on Ethereum, and they’re used for significantly larger transfers on average than Bitcoin.

Stablecoins simply have better product market fit for transferring value between exchanges, one of today's dominant use cases.

Ethereum is by far the leading platform for stablecoin issuance, and will likely extend its lead due to its maturity and lively project ecosystem.

Ethereum is a Wall Street in the cloud. Stablecoin issuers are following the money.

The largest beneficiary of the Q1 volatility was Tether, but it wasn’t the only success story.

The native stablecoins of Coinbase (Circle), Binance, and Huobi benefited greatly this quarter.

Exchange integrations are critical drivers of growth. Proximity to liquidity matters.

Stablecoins are on pace to quadruple their growth in 2019, which could bring a flood of new liquidity to Ethereum’s ecosystem and further solidify its position as the dominant stablecoin platform.

With the global economy facing a dollar shortage and uncertainty from the coronavirus pandemic, stablecoins could provide some real world value connecting people with dollars.

And Ethereum can do so for anyone in the world with just a smartphone and an internet connection.

The announcement of Libra and the growth of stablecoins last year caused many consider 2019 as the year of stablecoins.

But if trends from the past quarter persist, 2020 could very well give 2019 a run for its money. https://twitter.com/cz_binance/status/1222797184430755840?s=20

A detailed breakdown of Q1 2020 featuring additional analysis on Ethereum, Tether, USDC, BUSD, and DAI's Black Thursday blow out. https://messari.io/article/q1-2020-review-stablecoins-ascend-to-new-heights-in-global-economic-downturn