RATE Group | Stablecoins ‘Flip’ Ethereum’s Native Currency in Transfer Value
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Stablecoins ‘Flip’ Ethereum’s Native Currency in Transfer Value

30 Jan Stablecoins ‘Flip’ Ethereum’s Native Currency in Transfer Value

Posted at 06:48h in Ethereum News by

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A greater share of value is being transferred via stablecoins over the ethereum network than its own native cryptocurrency ether (ETH), according to research conducted by crypto data aggregate Messari.

In a recent tweet, research analyst at Messari, Ryan Watkins said stablecoin transfer value had “flipped” ethereum’s native currency, ETH.

“This is largely the story of Tether (USDT) transitioning to Ethereum. On a weekly basis, the flip occurred mid-2019. Since then the change is striking,” Watkins said.

Related: Colorado Gov. Jared Polis to Speak at ETHDenver Conference

The outstripping of ETH by stablecoins on its own network signifies a major step towards trust in cryptocurrencies whose values are pegged 1-to-1 to a major currency like the U.S. dollar.

The ethereum network allows for numerous tokens to operate within its ecosystem amid the backdrop of interoperability, enabling seamless transactions between multiple parties.

ERC-20 stablecoins, however, are by far the most…

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