State of Stablecoins (2019)

140 Pages Posted: 6 Mar 2020

See all articles by Garrick Hileman

Garrick Hileman

affiliation not provided to SSRN

Date Written: March 16, 2019


The report presents new insights and data on stablecoins, an innovative and rapidly evolving sector of the cryptocurrency ecosystem. Stablecoins, as the name suggests, are cryptocurrencies that are designed to minimize price volatility. The findings in this research study build on an earlier 2018 empirical study and are based on the analysis of a new data set for 57 individual stablecoins. Empirical data was gathered from both public and non-public sources. The total number of active projects makes stablecoins one of the largest cryptoasset categories, and as shown in the report stablecoins are also a leading category across a number of other key metrics (e.g., venture funding). The level of interest and resources devoted to stablecoins is striking and indicates that stablecoins are viewed as a very important part of the digital assets ecosystem. Indeed, stablecoins are often thought of as a foundational or infrastructure layer, one that could significantly expand the cryptoasset userbase from our current estimate of approximately 30-40 million individuals.

New in this year's report:

- new research primers on three leading stablecoins: Paxos Standard, Stasis and Reserve;

- a new in-depth comparison of Paxos Standard, USD Coin and Gemini Dollar;

- expanded data profiles for many stablecoins and new stablecoins added to the data set (the 2019 report is twice the length of its predecessor);

- refreshed data and analysis across the full report to reflect the substantial changes observed over the last six months; and

- an overview of how exposure by investors to the growing use of stablecoins is being obtained.

Keywords: Stablecoins, Central Bank Digital Currency, Cryptocurrency, Blockchain, Distributed Ledger Technology, Exchange Rates, Libra, Tether, Bitcoin, Ethereum

JEL Classification: E4, E42, E44, E49, E5, E51, E52, E58, F31, F38, G1, G01, G15, G18, G21, G23, G28, K22, K24, M13

Suggested Citation

Hileman, Garrick, State of Stablecoins (2019) (March 16, 2019). Available at SSRN: or

Garrick Hileman (Contact Author)

affiliation not provided to SSRN

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