RATE Group | Market Wrap: Ether Making Big Gains as Stablecoins Proliferate on Ethereum
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Market Wrap: Ether Making Big Gains as Stablecoins Proliferate on Ethereum

17 Apr Market Wrap: Ether Making Big Gains as Stablecoins Proliferate on Ethereum

Posted at 09:16h in Cryptocurrency News by

There has been an increase in the number of stablecoins issued over the past month, mainly on the Ethereum network. That popularity may also be lifting ether on Thursday.

Ether (ETH) prices have climbed 8.4 percent over the last 24 hours, according to CoinDesk price data as of 20:10 UTC (4:10 PM EDT )on Thursday.

Total supply of the top five fiat-backed stablecoins has increased by over 25 percent, primarily led by U.S. dollar-pegged tether (USDT) on the Ethereum network, with over $1.5 billion in issuance since March 12. 

stablecoinsupply
USDT, USDC, PAX and BUSD are all issued on Ethereum, although USDT also uses other blockchains such as Tron and Omni. Source: CoinDesk Research

The March 12 date is significant because that “Black Thursday” was a volatile day for cryptocurrency markets. Massive selling and derivatives liquidations totaling over $700 million on BitMEX sent prices downward, with ether going below $100 for the first time since 2018.

But this month the cryptocurrency market has been…

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