USD Coin, the stablecoin launched by Circle, is the fastest-growing stablecoin in the market. This is according to a report released by the Blockchain Transparency Institute (BTI). Despite this growth, it remains far from Tether (USDT) the clear market leader.
USDC The Fastest Growing Stablecoin
As per the report, during the last 90 days, the top stablecoin in terms of real volume remains USDT. Indeed, this virtual currency holds 94% of the total stablecoin trading volume.
Nevertheless, USDT is also the digital currency with the highest wash trading among stablecoins. 67.3% of its trading volume is faked. This happens because there are several exchanges that perform wash trading activities trying to attract a larger number of users.
Meanwhile, USDC came in the second position, but far from USDT. USDC registered a trading volume of $37.3 million compared to $1.32 billion of Tether. This represents 2.62% of the total stablecoin trading volume.
In addition to it, USDC registered the lowest faked volume among stablecoins. Just 7.1% of its trading volume was faked.
The report reads as follows:
“USDC’s true volume has grown into 2nd place and is currently the fastest-growing stablecoin this year, along with the lowest global wash trading value at under just 7% over the past 90 days. TUSD is around 12% and PAX at 13.7% amongst our top 40 exchanges.”
Paxos Standard (PAX) came in the third position with $33.88 million in trading volume, representing 2.38% of the total volume in stablecoins. At the same time, PAX registered a faked volume of 13.7%.
TrueUSD is the fourth largest stablecoin with a trading volume of $17.17 million. This represents close to 1.20% of the stablecoin trading volume. True USD registered a wash trading of 12.6% of its trading volume.
In the last position, DAI, the stablecoin used on the MakerDAO ecosystem, registered a trading volume of $3.09 million, equal to 0.21% of all the stablecoin trading volume, according to BTI.
Surprisingly, this digital currency registered the second-largest fake volume after Tether with 30.2% of the volume handled.
BTI has also informed that wash trading in the cryptocurrency market fell by 35% among the top-40 crypto exchanges since April this year.
The cleanest exchanges in the list include Coinbase, Kraken, Poloniex and Upbit. Those with the largest percentage of wash trading were OKEx and Bibox.