The supply of stablecoins on Ethereum increased by 35% from the beginning of the year to today.
Ethereum is followed by Tron, with $78 billion in stablecoins.
The Ethereum network has recorded a milestone in the decentralized finance (DeFi) sector by reaching an all-time high in the total supply of stablecoins within its ecosystem. According to data from the Token Terminal platform, the aggregate amount of stablecoins in said network exceeded 183 billion dollars (USD).
This registration underlines Ethereum’s position as the predominant network for the issuance and use of digital assets pegged to fiat currencies, cementing its role as the central infrastructure for much of the economic activity in the cryptocurrency space.
The record number reached represents a growth of 6.2% in the last 30 daysindicating sustained demand for the use of stablecoins within decentralized applications (dApps).
This $183 billion not only sets a new record, but also highlights Ethereum’s dominance over its direct competitors.
According to the metrics of Terminal Tokenthe second network with the largest supply of stablecoins is Tron and manages approximately USD 78 billion, a significantly smaller figure. This disparity confirms the trust of stablecoin issuers and users in the Ethereum network.
Despite this solid record in the stablecoin metric, the price action of its native cryptocurrency, ether (ETH), has shown divergent behavior, registering a drop of approximately 15% in the last 30 days, which keeps it hovering around USD 3,887 per ETH while this article is being written.
At CriptoNoticias we reported today a flight of institutional money in BTC and ETH funds that would be reinforcing the decline in the market.