Blockdata: Less than a third of stablecoin projects have a functioning product
About 30% of stablecoin development projects are in the operational stage with a functioning product, according to a new study by Blockdata. The remaining 70% of projects have either already closed or continue to prepare for launch.
A total of 226 stablecoin projects are known. 66 are currently on the market with their own products, 134 have not launched yet. Thus, in the near future, a class of cryptocurrency assets characterized by a stable exchange rate may expect a significant replenishment..
Most stablecoins (65%) have off-chain collateral in the form of fiat currencies or commodities. It is noteworthy that 16 of the 26 failed projects used gold as collateral. According to Blockdata, their problem is the need to accumulate commodities and confirm reserves. At the same time, the very process of accumulation can cause an increase in prices and volatility, due to which the stablecoin rate ceases to be stable..
Half of the active stablecoins are based on the Ethereum blockchain. Bitshares and Stellar follow.
Analysts explain the preference of stablecoin issuers by the prevalence of Ethereum as a platform, which means that exchanges and other third-party services do not have to integrate additional infrastructure to support their products.
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