Portfolio company TradeBlock announced that stablecoins launched atop the Ethereum blockchain are growing better than Venmo
The New York company measured and combined the volumes of five Ethereum-based stablecoins – Dai, Gemini Dollar, Paxos, USD Coin, and Tether – between Q1/2018 and Q1/2019. The first fiscal quarters showed slight growths in their net transactions. But in Q4/2018 and Q1/2019, the volume surged exponentially compared to previous recordings. TradeBlock pitted the stablecoins’ data against that of Venmo, a mobile payment service. The researcher found that the transactional growth of Ethereum’s dollar-pegged coins was more than that of the PayPal subsidiary. Venmo processed circa $21 billion worth of transactions in Q1/2019, while stablecoins did just about $9 billion in the same timespan. Two quarters ago, Venmo had posted circa $17 billion in volume, while its Ethereum counterparts were near $3 billion.