RATE Group | Ethereum Based Stablecoins Possibly to Blame for High ETH Gas Fees
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Ethereum Based Stablecoins Possibly to Blame for High ETH Gas Fees

19 May Ethereum Based Stablecoins Possibly to Blame for High ETH Gas Fees

Posted at 18:25h in Cryptocurrency News by

In brief:

  • Ethereum transaction fees are known to spike during periods of high trading activity such as the period before, during and after Bitcoin’s halving.
  • The team at Weiss ratings have now added stablecoins to the list of causes of substantial increment of gas fees on the Ethereum network.

A few days back, we revisited the topic of crypto traders using XRP to transfer funds between exchanges during periods of high trade volume such as before, during, and after Bitcoin’s halving event. The reason traders prefer the remittance coin is due to the XRP ledger’s low transaction fees and quick transactions when compared to those of Ethereum (ETH) and Bitcoin (BTC) when there is an increase in activity on the respective blockchains.

Stablecoins the Root Cause of High Fees on the Ethereum Network

The team at Weiss ratings has since expanded on the topic of high Ethereum gas fees by concluding that ETH based stablecoins are to blame for this phenomenon.

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