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Stablecoin Transactions Dominate Ethereum, Overpowering The Chain's Native Token Ether
Summary: $1.2 billion worth of USDT was transferred on Ethereum in a single hour on Monday, setting a new all-time record, Glassnode data shows. Stablecoin transactions on Ethereum have consistently been on the rise as transactions involving the chain's native token, Ether, have declined. Stablecoins like USDT track fiat currencies, indicating that Ether may be being ...
$1.2 billion worth of USDT was transferred on Ethereum in a single hour on Monday, setting a new all-time record, Glassnode data shows.
Stablecoin transactions on Ethereum have consistently been on the rise as transactions involving the chain's native token, Ether, have declined. Stablecoins like USDT track fiat currencies, indicating that Ether may be being edged out by more stable assets.
In January 2020, Messari Crypto released a report showing that the 12-month trailing transfer volume for Ether dropped from $430 billion to slightly above $150 billion over the course of 2019. Halfway through 2019, stablecoin transactions on the chain began picking up.
By Emily Mason
Tags: Ethereum,Stablecoins,USDT
Link: Stablecoin Transactions Dominate Ethereum, Overpowering The Chain's Native Token Ether [Copy]
