USDT, USDC, QC Stablecoins Have Become the Market’s Unsung Heroes in 2020

2020 has been the year of stablecoins, a lot of money has flown into the stablecoins economy. On March 12th Crypto’s crash was spurred by a massive sell-off in the global equity markets as fear over COVID-19 suddenly set in. This led to a huge rush into cash, and a global ​shortage of dollars​. Moving into stablecoins allows investors to effectively keep money parked on the sideline without having to completely cash out into fiat currency and incurring fees. This aspiration to safety, likely accounted, for a significant portion of the increased stablecoin demand following March 12th.

From the lows of March to the highs in December, 2020 has thus far shaped up to be an exceptionally volatile year. Stablecoins, true to their name, generally remain relatively stable.

The aftermath of the March 12th crypto crush has shown that there are real uses for stablecoins, and the use cases continue to grow.

Statistics from Coincodex’s Stablecoins index shows there’s more than $116 billion in global stablecoin trade volume today, among the 22 stablecoins listed on the website.

Tether’s competition is heating up in the increasingly crowded stablecoin space. Tether still remains king, but exchanges are increasingly listing additional stablecoin pairs, such as USDC, DAI and QC.

Stablecoin Volume: QC Increases Share

Let’s take a look at the Top 7 Stablecoin market valuations according to CoinCodex on December 30, 2020:

The top 7 stablecoins in market cap per December 30, 2020. Source: CoinCodex

Only one non-USD stablecoin exist within the list of top seven stablecoins. Qcash (QC) currently holds the 7th position with $725M in 24-hour trade volume and a $71 million market cap. It is a blockchain project initiated by QuickCash Network Pte. Ltd. Each QC is worth about $0.15(≈1 CNY).

At present, QC is one of the best asset-backed stablecoins in terms of liquidity. The exchange with the most QC users is ZB.com, one of the ‘big four’ cryptocurrency exchanges in China, according to data from FeiXiaoHao, a Chinese service that is comparable to CoinMarketCap or CoinGecko.