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Stablecoins

USDT is invading Ethereum, is it good for ETH?

Apr 22, 2020Ā ā‹…Ā  3 min read

Once upon a time, in Jan. 2019, the market capitalization of all stablecoins on Ethereum was just $835 million. Tether had only issued $60 million worth of USDT on Ethereum, making it the smallest stablecoin on the platform, while USDC and TUSD were the two largest, accounting for a combined market capitalization of $470 million. However, within just a few months, USDT became the largest stablecoin on Ethereum and overtook Ether (ETH) in daily transaction value.

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Ryan Watkins was a Senior Research Analyst at Messari. Previously, he worked at Moelis & Company as an Investment Banking Analyst where he worked on deals in the technology, telecom, and fintech sectors. Ryan graduated Magna Cum Laude from the Gabelli School of Business at Fordham University.

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About the author

Ryan Watkins was a Senior Research Analyst at Messari. Previously, he worked at Moelis & Company as an Investment Banking Analyst where he worked on deals in the technology, telecom, and fintech sectors. Ryan graduated Magna Cum Laude from the Gabelli School of Business at Fordham University.

Mentioned in this report