In the past few days, the stablecoin industry has been buzzing with activity, particularly on Ethereum, which has seen a whopping increase in stablecoin supply in just the past 7 days. Quite the party, what?
Onchain analytics firm Lookonchain notes that the USDT and USDC supply on Ethereum has increased by $1.1 billion while it has decreased by $772 million on Solana. Poor Solana, always playing catch-up!
In the past 7 days, stablecoins(USDT&USDC) on #Ethereum increased by $1.1B, and stablecoins(USDT&USDC) on #Solana decreased by $772M.
— Lookonchain (@lookonchain) February 17, 2025
Most of the stablecoin supply revolves around Tether and the USD Coin, and even most of it is deployed on Ethereum and Solana. Solana, being a competitor, has been getting direct benefits of Ethereum’s drawbacks with it witnessing huge funds being bridged now and then. But hey, who doesn’t love a good underdog story? 😜
However, the recently changed market factors are pushing Ethereum once again on the ridge as it sees drastic decrease in gas costs and major technical developments. This renowned attention has improved Ethereum’s image as a leading smart contract blockchain and so, hence there is greater demand for stablecoins on the network now. You know what they say, “The more things change, the more they stay the same.” 😉
On the other hand, Solana underwent a reduction in the supply of its USDT and USDC stablecoins by an estimated $780 million. While the justification for this decrease is ambiguous, it could be attributed to network performance concerns and shifts in user behavior. Poor Solana, always playing catch-up!
According to Defilama data, Ethereum is currently leading in stablecoin supply with it holding over $122.9 billion, a dominance of 54.63%, whereas Solana only has 5.15% – roughly $11.58 billion. But hey, who doesn’t love a good underdog story? 😜
These shifts reveal the more complex world of the crypto world. These activities outline the ever-changing digital asset ecosystem, especially in cryptocurrency markets with how quickly new blockchain projects gain popularity. And we all thought the only shenanigans happening were in the metaverse! 🤭
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2025-02-17 16:04