Ethereum network's Stablecoin holdings surge to an impressive $166 billion.
The Ethereum network has reached a significant milestone, with its stablecoin supply reaching an all-time high of $166 billion as of Monday, according to a report by The Block. This surge in stablecoin supply indicates solid growth for the network.
Tether (USDT) continues to lead the pack, with a supply of $87.8 billion on the Ethereum network. USD Coin (USDC) follows closely, boasting a supply of $48 billion. Together, the combined supply of these two stablecoins exceeds $135.8 billion.
The growth in stablecoin supply on the Ethereum network is seen as a key indicator of its evolution. As Ethereum evolves to become the fundamental infrastructure of a dollarized digital economy, the increase in stablecoin supply could potentially increase liquidity and stability in the network.
This growth suggests increased institutional interest, with the new record value for the total supply of stablecoins on the Ethereum network being reported by Kronos Research. The data was highlighted by its CIO, Vincent Liu. Just a month ago, the supply of stablecoins on the Ethereum network was at around $149.5 billion, marking a significant increase since then.
The liquidity on the Ethereum network has potentially increased due to the growth in stablecoin supply. This increased liquidity could support activity on an institutional scale, as Ethereum becomes capable of absorbing market volatility.
The evolution of Ethereum from a platform for speculative assets to a platform for stablecoins is a significant development. This shift could potentially make Ethereum a more stable and reliable platform for a wide range of applications.
As Ethereum continues to grow and evolve, it is poised to become a key player in the digital economy. With its increased stablecoin supply, Ethereum is well on its way to becoming the fundamental infrastructure of a dollarized digital economy.
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