Key facts:
May 5, PAX reached the milestone of 24,000 transactions registered in a day, surpassing the USDC.The market capitalization of the stablecoins has nearly doubled since the general collapse.In its latest report, the firm analysis of the ecosystem of the cryptocurrencies, Coin Metrics, highlighted that in the middle of a pandemic, the stablecoin Paxos has nearly tripled its market capitalization, surpassing other cryptocurrencies anchored. In addition, the token standard PAX may be gaining ground in the global market, because there are indications that you are using non-institutional settings, such as the use of remittances.The market capitalization of the stablecoins, since the collapse of the Black Thursday, despite the fall of most of the assets are not stable, it has grown to more than USD 10,000 million, marking a rapid advance. The exact cause of why it occurs such ascent, it is still unknown. However, Coin Metrics, a study conducted by the idea of discovering how they are using the cryptocurrencies anchored in the world, to which used heat maps, with the idea of viewing patterns of use daily.The report analyzes the patterns of use of various stable currencies and determines that you are potentially using for different purposes, even favored in different parts of the world. For example, tether (USDT), a stable currency more popular nowadays, you are seeing many more transactions carried out during the hours of business typical of Asia and Europe, in comparison with the activity that corresponds to the North American trade.To perform the analysis, Coin Metrics evaluated specifically the USDT issued in the network Ethereum as a token ERC-20. In this regard, the report notes: “the USDT-ETH has a clear pattern of intensive use of approximately 2:00 to 16:00 UTC, which corresponds to the hours at which the stock markets of Asia and Europe are open”. He adds that, “the transfers are darkened towards the end of the day: there are very few transfers after 20:00, which is when it closes the New York Stock exchange “.On the contrary, Paxos, since last April is being used more dispersed, taking into account that the transfers to this stablecoin have almost tripled since the 12 of march, when the World Health Organization ranked the coronavirus as a pandemic. May 5, PAX reached a new record of 24,000 transactions registered in a day, thus overcoming the USDC and Dai. The data collected by Coin Metrics reveal that the use of PAX is more prevalent along the day, suggesting that they may be earning less institutional and more global.PAX has outdone USDC and DAI registering more than 24,000 transactions in a day. Source: Coin Metrics.The analysts of Coin Metrics come to the conclusion that the differences in the regional use of the various stable currencies indicate that you are using for different purposes, throughout the world, and that the USDT and the USDC are still the most used in Asia, whereas PAX seems to have a broader level. However, DAI seems to be used mainly by the traders of north america.A month ago Breaking News reported that the amount of stablecoins or stable currencies in circulation, with parity 1:1 with the dollar of the united States, soared 53% in less than two months to reach new limits as of 2020. At that time, the total capitalization of Tether, trueUSD, USDCoin, paxos, gemini, dai, BitUSD and sUSD, was of 8.373 million dollars, while the volume of transactions joint in 24 hours, exceeded the 60.563 millions of dollars.