CoinGecko’s 2019 Snapshot of Stablecoin Performance

Asia Blockchain Review
January 14, 2020

13 January 2019 – CoinGecko, one of the world’s leading cryptocurrency data aggregators, shared their overview on the performance of stablecoins in 2019. In general, Tether (USDT) was the dominant stablecoin in 2019 and entered 2020 even stronger than when it started. Among the Top 5 stablecoins, Maker’s multi-collateral DAI proved to be the most volatile.

Stablecoin Dominance

Tether (USDT) continues to dominate the stablecoin market in 2019, despite being dogged by allegations of it not being backed 1:1 to the USD (Tether’s transparency page indicates that it currently has an asset excess of over $100 million). It is the only stablecoin to have increased its dominance (measured in relative market capitalization), while the rest of the pack suffered losses of varying percentages. 

True USD (TUSD) suffered the greatest loss in supply dominance and was overtaken by Paxos Standard (PAX) in August 2019. Gemini Dollar (GUSD) has declined tremendously and is no longer a Top 5 stablecoin.

A similar trend was also observed in trading volume. In 2019, Tether saw strong growth in its Ethereum ERC-20 and Tron TRC-20 token usage.

Lost Pegging

Losing stablecoin peg is defined as a deviation of more than ±1% over $1.00 (measured at the daily closing price).

Among all stablecoins, DAI is the most volatile with 111 counts, while USDT was the most stable with only 3 counts.

There is a strong correlation between the stablecoins’ ability to maintain their $1.00 peg and overall liquidity. DAI had the fewest markets available and the lowest trading volume (~100x less than PAX; ~12,000x less than USDT).

Note: DAI data combines both SAI and DAI. Deviation calculated using daily closing prices and actual figures may be greater.

CoinGecko’s Upcoming Q4 2019 Report

CoinGecko’s snapshot of the performance of stablecoins in 2019 is only one of the various topics that will be featured in their upcoming Q4 report. Other things that will be covered include Market Dynamics, Crypto Exchange Statistics (both spot & derivatives), our thoughts on Crypto in 2020, Ethereum 2.0, DeFi, and more!

The 10th edition of CoinGecko’s Quarterly Report will be released soon. Be the first to receive it here: http://bit.ly/coingecko-2019-yearendreport


About CoinGecko

Since 2014, CoinGecko has been the trusted source of information by millions of cryptocurrency investors. Its mission is to empower the cryptocurrency community with a 360-degree overview of the market. CoinGecko provides comprehensive information from thousands of data points, such as price, trading volume, market capitalization, developer strength, community statistics, and more. It currently tracks over 6,500 tokens from over 400 exchanges. 

For more information, visit https://www.coingecko.com.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

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