First Mover: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins

Ether’s price might be getting a boost from the crypto industry’s version of the dash for cash.

The coronavirus crisis has sent investors in both digital and traditional markets scrambling for U.S. dollars, seen as one of the best assets to park money in during a deflationary recession. In traditional markets, that’s meant selling risky assets like stocks, junk bonds and developing-country currencies, and parking the proceeds in cash.

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In digital-asset markets, there’s been a flurry of demand for tether and other dollar-linked stablecoins, many of them built atop the Ethereum blockchain network. Led by tether (USDT), the total outstanding amount…