THE STATE OF STABLECOINS

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Razor

2018/09/26 发布于 技术 分类

blockchain 

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1. THE STATE OF STABLECOINS
2. CONTENTS 01 Introduction 02 Landscape 03 Use Cases 04 Adoption 05 Looking Ahead Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 2
3. 01 INTRODUCTION Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 3
4. STABLECOIN PROJECTS HAVE PROLIFERATED There is a total of 57 identified stablecoins, 39% of which are live. STATICOIN 2014 2015 & 2016 Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 2017 2018 YTD & 10+ others 2018 E Source: Mosaic.io 4
5. TAXONOMY COLLATERAL-BACKED Traditional Collateral Asset-Backed Gold Fiat-Backed USD, EUR, etc. Asset-andFiat-Backed Mix of gold & fiat Single USD Multiple USD & EUR Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. Crypto Collateral CryptoassetBacked ETH Crypto-and-FiatBacked ETH & USD ALGORITHMIC Seigniorage Shares Fee-Backed Hybrid 5
6. EMPIRICAL DATA SUMMARY ● Size: a total of 57 live and pre-launch stablecoins were identified for the research study sample ● Maturity: 23 stablecoins (40%) are live and 34 stablecoins (60%) are at the pre-launch phase ● Timing: the number of active stablecoin projects has dramatically increased over the past 12-18 months and more than a dozen project teams have stated they plan to launch in the coming weeks/months ● Stability: live stablecoins have had mixed results to date in achieving price stability, with asset-backed coins (e.g., Tether) generally delivering on their stability promise and outperforming algorithmic coins (e.g., NuBits) ● Stablecoins can be broadly divided into two main stability mechanism categories: algorithmic and asset-backed, with 77% of our total sample asset-backed ● Of the asset-backed stablecoins, a higher percentage (54%) utilize on-chain collateral (i.e., cryptoassets like ether) versus off-chain collateral (46%) (i.e., US dollars held in escrow) ● The US dollar is the most common stability benchmark or ‘peg’ and is utilized by 66% of stablecoins; other benchmarks include other fiat currencies (e.g., euro, yen), commodities (e.g., gold), and inflation (e.g., G10 average country inflation) Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 6
7. EMPIRICAL DATA SUMMARY ● 51% of stablecoins offer some type of ‘dividend’ or incentive mechanism built into the design of the stablecoin system (e.g., ‘seigniorage shares’, transaction fee dividends) ● Stablecoins are already an important part of the digital assets ecosystem: Tether (USDT) is the second most actively traded cryptocurrency (~60% of BTC daily trading volume) and earlier this year entered the top10 cryptoasset rankings by market value ● Stablecoins are listed on over 50 different exchanges at present, with Tether featuring the greatest number of total individual exchange listings (at least 46) ● Stablecoins have had success gaining listings on major exchanges, with eight stablecoins (42% of live coins) featuring one or more Tier-1 exchange listings: Tether (6), TrueUSD (5), SteemDollar (4), NuBits (2), BitBay (2), Gemini (2), Paxos (2), Numins (1), STASIS (1), HelloGold (1) ● Even with the success of new entrants like TrueUSD in gaining listings on major exchanges, Tether continues to dominate with approximately 98% of total stablecoin daily trading volume ● The total market value of all stablecoins is $3 billion, or 1.5% of the total market value of all cryptoassets; Tether comprises 93% of the all stablecoin market value Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 7
8. EMPIRICAL DATA SUMMARY ● None of the Tier-1 wallets have made any extra effort to support stablecoins to date, creating incentives for stablecoins to run on Ethereum and piggyback on broadening ERC20 token support ● While Ethereum is by far the most widely used technology platform for stablecoins, fewer than two thirds of all stablecoins (60%) are building exclusively on top of Ethereum ● Other technology platforms chosen for use by at least two stablecoins include Bitcoin, NEO and Stellar ● Over two-thirds of project teams (69%) have made their stablecoin code (e.g., smart contract) open-source for audit inspection ● Little clarity exists around code licensing, with very few projects disclosing or having made final decisions about how their code can be used or licensed by third-parties ● $350m in venture funding has been raised by all stablecoin project teams to date, and the present value of funding held by stablecoin projects is estimated to be around $533m (primarily due to appreciation of Digix’s ETH holdings) ● Algorithmic stablecoins have raised more funding ($174m, or 50% of the total) than traditional asset-backed stablecoins ($144m, 41%), with crypto-collateralized stablecoins lagging behind ($33m, 9%) ● Stablecoins are legally domiciled in a wide variety of legal jurisdictions, with the US (10) and Switzerland (7) leading ● The leading home for stablecoin teams is the US (17), with Europe (13) the second most popular location Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 8
9. OVERVIEW OF LIVE STABLECOINS Coin Tether (USDT) Backing USD TrueUSD (TUSD) USD Decentralization Community Trust Stability Current Market Use Low Poor, a lot of doubt surrounding USD reserves. Claim to be redeemable for actual USD but are not in practice. Supply has only been reduced once. Very Good. The price has seen little to no variation from its peg. Other than BTC, USDT has the most trading volume, a number normally larger than its market cap giving it a daily velocity of +1. Used as trading gas in the crypto ecosystem Medium/Low Good, Far more transparent and actually redeemable. Good, price hike after it was added to Binance due to trading bots, other than that it has stuck to its peg. Trades at a 1% premium due to improved community trust to tether. Starting to gather trading volume, with most expecting it to play a similar role in the crypto ecosystem to tether. DAI (DAI) ETH in a CDP High Digix Gold Token 99% LMBA (DGXD) Standard Gold Medium/Low AAA Reserve (AAA) Multi-currency: fixed income Medium/Low Medium. It is still very new, and there is some community distrust. Community trust will never be great as DAI’s value is backed by ETH, a very volatile asset. Good, had a slightly volatile start but is getting there Very low trading volume. This suggests it is not being used in the same way as tether/ true USD. Probably mainly being used to margin trade ETH. Medium. Users are able to track DGX transactions in a transparent way with the corresponding on-chain transaction. Good. Generally stays in sync with its Extremely low trading volume. peg, though has only been trading Project is not yet well known. since May. Unclear Very good Low, tiny in size. Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 9
10. 02 LANDSCAPE Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 10
11. OVERVIEW OF THE STABLECOIN ECOSYSTEM 57 stablecoin projects identified, 23 of which are live 77% of stablecoins are asset backed 54% Slightly more assetbacked coins are using crypto vs fiat collateral Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 12 projects (23%) have implemented an ‘algorithmic central bank’ to achieve a stable price 60% Of stablecoins intend to use or have launched on just the Ethereum platform 34% USD is the dominant peg USD Pegs include fiat currencies such as Other the U.S. dollar and Euro, commodities 66% (e.g., gold), or inflation (e.g., G10 inflation) as a stability benchmark Sources CoinMarketCap, Mosaic.io 11
12. STABLECOINS TEAMS ARE SPREAD GLOBALLY United States, United Kingdom, & Switzerland are the most popular team locations Source: Mosaic.io 12
13. STABLECOINS ARE GLOBALLY DOMICILED Switzerland & United States are leading jurisdictions Source: Mosaic.io 13
14. MOST ACTIVE STABLECOIN INVESTORS Nomins Blocktower Capital TrueUSD Danhua Capital A16z Crypto DAI Fragments Polychain Capital FBG Capital Basis ZhenFund Celo Coinbase General Catalyst Carbon Digital Currency Group Reserve Pantera Capital Circle Source: Mosaic.io 14
15. FUNDS RAISED TRUEUSD CARBON RESERVE TERRA CENTRE $21.7M $2M MONERIUM DAI TOKEN $2M $27M $8M DIGIX GOLD JIBRA $1.3M $32M Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. $5M $32M BASIS $133M FRAGMENTS $20M AAA RESERVE $3M $3M SAGA $30M Source: Mosaic.io 15
16. FUNDING BY STABLECOIN TYPE $144m $174m $33m Off-Chain Asset Backed Algorithmic Crypto-Collateralized Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 16
17. OVERVIEW OF THE STABLECOIN ECOSYSTEM Platform Ethereum Omni Protocol Hedera Hashgraph Nano Dfinity Proprietary Stablecoin Neutral TBD N/A Stablecoin AAA Reserve (AAA) Augmint Basis Bridgecoin (BCO) Dai (DAI) Digix Gold (DGX) Fragments HelloGold (HGT) Kowala nomins (nUSD) SAGA (SGA) Stably TrueUSD (TUSD) x8c Tether (USDT) Carbon (CUSD) NOS Phi Celo USDC Borreal (Aurora) Stableunit Terra Reserve Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. Transparency Low Medium High Medium High Low Medium High Medium High Medium High Low Medium High High Medium High Medium Medium Low Medium Low High Medium High Medium TBD TBD High Medium TBD TBD High Medium High Automation Low High Medium High Medium Medium High Medium Medium High Medium Medium High Medium High Medium Medium Low Medium Low Medium Low Medium Low Medium Medium TBD TBD Low Medium N/A High Medium High Medium High Complexity Low Medium High Medium High Low High High High Medium High High Medium Low Medium Low Low Medium TBD TBD Medium N/A High High Medium Source: Mosaic.io 17
18. STABLECOIN RECRUITING 2 Open Roles One technical and one non-technical position. 4 Open Roles A mix of product designers and engineers. 9 Open Roles A mix of technical and operations. 10 Open Roles A mix of technical, business development, and operations. Dai 12 Open Roles Five community management positions. The rest are a mix of engineering and business development. Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 22 Open Roles A lot of senior positions with an even spread between technical and non-technical and two hires for legal & compliance. 17 Open Roles Mix of technical positions and non-technical positions. 15 Open Roles A mix of technical and business development. 13 Open Roles Mostly engineering roles with some product roles. Source: Mosaic.io 18
19. 03 USE CASES Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 19
20. STABLECOIN USE CASES Performance Measurement Remittance dApps Store of Value Medium of Exchange Unit of Account Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. Pegged Lending Synthetic Gold 20
21. PROJECTS ARE TARGETING DIFFERENT USE CASES Store of Value Short-Term Digital US Dollar Digital Fiat Store of Value Long-Term Synthetic Gold Currency Basket Pegged Lending Unit of Account Long-Term Algorithmic Central Bank Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. Remittances dApps Medium of Exchange Dai 21
22. USE CASES SMART INSURANCE Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. ● Stablecoins are a more appropriate currency than other cryptocurrencies for smart insurance. ● ‘Smart travel insurance’ is one compelling example of the application of this technology ● Approximately 600k annual passengers do not file eligible insurance claims for delayed/cancelled UK flights ● A delayed/canceled flight is a public record that can be queried by a ‘smart flight insurance’ software application ● If the flight is delayed or canceled then the smart contract automatically pays the claimant, eliminating the painful claims process ● Insurance premium can also be escrowed ‘on-chain’ to eliminate counterparty risk Source: BankInnovation 22
23. 04 ADOPTION Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 23
24. MARKET CAP NUSD $1.1M TETHER BRIDGECOIN $25.1M AAA RESERVE BITUSD $2.6B $11.9M $3M Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. NUBITS $1.7M HELLOGOLD TRUEUSD DAI $1.3M DIGIX GOLD $71.7M $54.5M $1.9M Source: CoinMarketCap 24
25. NUMBER OF FOREX PAIRS Tether (USDT) Dai (DAI) TrueUSD (TUSD) BitUSD AAA Reserve (AAA) Digix Gold Token (DGX) STASIS HelloGold (HGT) x8c Strong USD Number of Fiat Pairs 1 0 2 0 3 0 2 0 0 1 Number of Crypto Pairs 159 17 6 23 0 1 13 3 4 1 Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. Source: CoinMarketCap 25
26. NUMBER OF EXCHANGE LISTINGS 50 45 40 35 30 25 20 15 10 5 Dai Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. BitUSD Source: CoinMarketCap 26
27. NUMBER OF TIER-1 EXCHANGE LISTINGS Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. Source: CoinMarketCap 27
28. LIQUIDITY 2018 – TETHER DOMINATES Trading volume:'>volume: Tether vs. other Stablecoins 100% 99% 98% 97% 96% 95% 94% 93% 92% 91% 90% 24-Apr-18 1-May-188-May-1815-May-1822-May-1829-May-18 5-Jun-1812-Jun-1819-Jun-1826-Jun-18 3-Jul-1810-Jul-18 17-Jul-18 Tether Other Stablecoins Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. Trading volume:'>volume: other Stablecoins (sans Tether) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 24-Apr-18 1-May-188-May-1815-May-1822-May-1829-May-18 5-Jun-1812-Jun-1819-Jun-1826-Jun-18 3-Jul-1810-Jul-18 17-Jul-18 TrueUSD DAI BitUSD Digix Gold Token HelloGold Source: CoinMarketCap 28
29. 05 LOOKING AHEAD Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 29
30. VIEWPOINT SUMMARY ● While there is a great deal of excitement surrounding stablecoins, the technology is still nascent and it is highly unlikely that the perfect stablecoin design exists at present; further experimentation (and innovation) is expected ● Due to the aforementioned design uncertainty, as well as regional factors (e.g., local regulations), space may exist for approximately 5-8 significant stablecoins in the short to medium-term ● Many cutting-edge algorithmic stablecoin designs will initially launch with hybrid Tetheresque fiat backing (due to price stability concerns), which risks dampening some of the enthusiasm for algorithmic stablecoins ● Stablecoins are more complementary than competitive with other cryptocurrencies like bitcoin or ether, with many stablecoins relying on the security, compatibility and infrastructure provided by such cryptocurrencies ● Stablecoins will continue to see an increase in listings on more cryptoasset exchanges, and these listings will be motivated for reasons beyond simply offering traders options to reduce exposure to market volatility ● Key near-term regulatory issues include whether stablecoins (or aspects of stablecoin systems) are in compliance with securities and money service laws in some jurisdictions Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 30
31. VIEWPOINT SUMMARY ● Overall, stablecoins are best viewed as a form of infrastructure or foundational layer for cryptoassets that will generate immense value for the digital assets ecosystem ● A stablecoin could help create a tipping point for much broader cryptoasset adoption by successfully addressing concerns around volatility, which are often cited as a key reason why many institutions and individuals have remained on the digital assets sidelines to date ● Due to competition and other factors, it is unclear how much direct, long-term financial profits stablecoins will generate for their creators; greater long-term value may be derived from stablecoin-powered products and services (e.g., smart insurance) ● Some stablecoins may be deemed to pose greater direct competition to fiat currencies than bitcoin and may spark a competitive response or regulatory backlash from central banks, which in many jurisdictions have largely remained on the sidelines of cryptocurrency regulation to date ● The rise of stablecoins may weigh on the prices for some cryptocurrencies, such as bitcoin, that will face greater competition for certain medium of exchange (MoE) and store of value (SoV) use cases Confidential: Do Not Distribute. Property of Blockchain Luxembourg S.A. 31
32. Please send questions and comments research@blockchain.com