New data shows the value of crypto assets transferred on Ethereum is now equal to that of Bitcoin.
Using data from the financial intelligence firm Coin Metrics, Messari researcher Ryan Watkins is highlighting the fact that Ethereum (ETH) and ERC-20 tokens transferred on the Ethereum network have reached parity with the leading cryptocurrency by market cap, with both standing at $1.6 billion worth of transfers on-chain per day.
Watkins cites stablecoins as the driving force behind the growth in Ethereum on-chain transactions.
“Stablecoins now account for 80% of daily transfer value on Ethereum, and they’re used for significantly larger transfers on average than Bitcoin. Stablecoins simply have better product market fit for transferring value between exchanges, one of today’s dominant use cases.”
Watkins believes Ethereum is just getting started and will soon take over the top spot ahead of Bitcoin in total transaction volume. He believes stablecoins are on track to quadruple their growth, with the smart contract blockchain further solidifying its position as the leading platform for these crypto assets.
“Ethereum is a Wall Street in the cloud. Stablecoin issuers are following the money.”
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Featured Image: Shutterstock/Titima Ongkantong
