The total supply of stablecoins in existence has doubled to 12 billion, following an increased demand sparked off by the March 12 (Black Thursday) 50% crypto price crash.
The findings from the latest research study by Coin Metrics, which is sponsored by Bitstamp, show that it took a period between March 12 and the first half of July to add 6 billion stablecoins.
Before this addition, it had taken five years for global supply to reach the initial 6 billion.
The report comments that the March 12th event was spurred by a massive sell-off in the global equity markets as fear over Covid-19 suddenly set in.
Uncertain about the future, global investors rushed to move out equity and crypto markets, sparking a global shortage of dollars.