RATE Group | Stablecoins Flip ETH Volume, DeFi the Primary Motor
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Stablecoins Flip ETH Volume, DeFi the Primary Motor

30 Jan Stablecoins Flip ETH Volume, DeFi the Primary Motor

Posted at 10:21h in Cryptocurrency News by

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Stablecoins on Ethereum had a cumulative transfer volume greater than its native ETH in 2019. This point indicates larger trends at play that could change the broader crypto landscape. 

The Advent of Stable Money in Crypto

Data from Messari Research suggests ETH’s trailing 12 month transfer volume fell from approximately $430 billion to $150 billion over the course of 2019. 

At the same time, stablecoins also followed ETH’s downtrend until July 2019, when these assets began picking up steam. 

Tether (USDT), in particular, saw significant traction as the project migrated tokens from Omni to Ethereum. But this wasn’t the sole reason for USDT’s volume spike. 

On a daily basis, USDT enjoys volume that dwarfs its market cap in comparison. As per CoinGecko data, USDT has a market cap of $4.28 billion and a 24-hour volume of $55.97…

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