The Ethereum (ETH) blockchain has become home to a number of stablecoins. On January 29, Messari researcher Ryan Watkins explained that the stablecoin value transfer issued on the ETH chain recently flipped the number of native ether transactions. Essentially, Ethereum’s value transfer is now largely made up of stablecoins like tether, pax, and dai.
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Researcher: ‘Ethereum’s Economy Now Dominated by Stable Value Transfer’
On Wednesday, Messari analyst Ryan Watkins reported on the Ethereum blockchain and how the ETH economy is now dominated by stablecoins. The ETH chain has a great number of stablecoins such as TUSD, USDT, DAI, PAX, and GUSD. All five of these stablecoins leverage the ETH chain for stable value transfers. “Stablecoin transfer value has now flipped ETH on Ethereum,” Watkins tweeted. While sharing another chart, Watkins indicated that most of the story is consumed by tether (USDT) transitioning to Ethereum last year. Watkins…