Ethereum Based Stablecoins Reach the Top!

Ethereum-based stablecoins broke a record on network activity.

Tether, which is both the largest and the most widely used stablecoin by total market value, has now become a fully Ethereum-based cryptocurrency. The network activity of USDT, which passed from the OMNI network to the Ethereum network and focused on it, broke a complete record in June.

According to a new research result from the blockchain research firm CoinMetrics, ERC-20-based USDT tokens broke their own record in June, reaching 140,000 active addresses in total. It is emphasized that the data for this month has seen a decline and the number of active addresses has now dropped to 120,000.

ERC-20 Based USDT Amount Continues To Increase

First launched in 2017, ERC-20 based Tether even outperformed its version released in the Bitcoin network. This has its advantages as well as its disadvantages. According to Etherscan data, there are 6,035 million tokens in the Ethereum network, which corresponds to 61% of Tether’s total circulation. As of the press hour, it is seen that there are 9,711 million Tether in the market.

Demand for stablecoins was not so many months ago. The main reason investors flocked to stablecoins was the market collapse in March. The number of new USDT addresses launched on the Ethereum network has increased 10 times in May compared to January, which shows how big FOMO the situation is.

According to Coinnmetrics data, Tether transactions in the Ethereum network increased by 450% in a short period of 1 year. This shows that most of the density in the Ethereum network is from Tether.