RATE Group | Stablecoins dominate the Ethereum blockchain
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Stablecoins dominate the Ethereum blockchain

30 Jan Stablecoins dominate the Ethereum blockchain

Posted at 01:43h in Ethereum News by

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Ether, the native cryptocurrency on the Ethereum blockchain, is no longer the most popular cryptocurrency on the platform: Stablecoins are, according to new analysis by Messari.

Though Ethereum has its own cryptocurrency, there are thousands of tokens that run on the platform. Some of these platforms are stablecoins, assets that are tied to the value of another currency, like the US dollar or gold.

Traditionally, the majority of value being transferred across Ethereum has been in ether. But now stablecoins have taken over. Due to the rise of US dollar stablecoin Tether on the Ethereum blockchain, more value is transferred on Ethereum using stablecoins than its own native cryptocurrency.

“Ethereum’s economy is now dominated by stable value transfer,” tweeted Ryan Watkins, a research analyst at Messari. He said the flip happened in mid-2019, and the gap has widened ever since.

Stablecoin usage has risen on Ethereum while ether usage has diminished. Image: Messari.

Tether is…

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