RATE Group | Stablecoins Push Ethereum’s Transaction Count to Highest Since July 2019
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Stablecoins Push Ethereum’s Transaction Count to Highest Since July 2019

24 May Stablecoins Push Ethereum’s Transaction Count to Highest Since July 2019

Posted at 17:43h in Cryptocurrency News by

Ethereum’s network is experiencing its busiest days in 10 months amid increased issuance of stablecoins and the runup to Ethereum 2.0. 

The seven-day moving average of the total number of confirmed transactions on Ethereum’s blockchain rose to 845,400 on April 30 to hit the highest level since July 1 , 2019, according to the data source Coin Metrics. As of Sunday, the average was 837,100.

The transaction count had declined to 12-month lows in February. Since then, however, it has surged by 72%.

“The recent Cambrian explosion of stablecoin issuance has been a considerable driver of on-chain activity,” said Lucas Nuzzi, network data product manager at Coin Metrics, a provider of crypto financial data. 

Stablecoins are cryptocurrencies that offer price stability characteristics by pegging their value to some external reference, usually the U.S. dollar. 

Read more: The Stablecoin Surge Is Built on Smoke and Mirrors

Tether (USDT), trueUSD (TUSD), gemini dollar (GUSD), paxos…

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