Only 66 stablecoins - 30% of total announced tokens - are actually live and operational, according to a study published by the blockchain research group Blockdata on June 26.
Researchers from Blockdata believe that one consequence of this is that 2019-2020 may see a record high of new stablecoins going live, with 119 estimated to launch in 2019.
Researchers also examined possible factors may have led to the closure of failed stablecoins.
Failed stablecoins, according to the study, tend to be commodity-backed by assets such as gold.
Gold-backed stablecoins, in particular, accounted for approximately two thirds of all failed stablecoins.
Looking closer at the failed, currency-backed stablecoins, the researchers found several factors that they deemed to be responsible, falling into the categories of volatility, physical storage complications, and scams.
Some other trends noted in the study included the prevalence of Ethereum-based stablecoins, as well as asset-backed stablecoins.
While the report identifies 15 different blockchains that stablecoins are implemented upon, Ethereum retains approximately a 50% share of all stablecoins by blockchain - the next most common being Bitshares and Stellar.
Asset-backed stablecoins also comprise an overwhelming majority of all live stablecoins, at 95%. While this remains the most common means of stablecoin issuance, algorithmic stabilization and other methods can be used to develop a stablecoin.
As previously reported by Cointelegraph, Steve Forbes, the namesake of business publication giant Forbes, recently told Mark Zuckerberg to back Facebook's stablecoin-like virtual currency Libra with gold.
Research: Only 30% of Known Stablecoins Are Live and Operational
gepubliceerd op Jun 28, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.