Despite the hype around other blockchains minting stablecoins, Ethereum still dominates the stablecoin market with 52.59% of the total supply. Ethereum's supply is irreplaceable and carries a mix of stablecoins including USDT, USDC, and algorithmic stablecoins. The overall stablecoin supply is currently at an all-time high of $174.7 billion, with the majority concentrated in USDT and USDC. Tether recently moved $2 billion in tokens, burning them on less active chains to boost exchange reserves of the ERC-20 version. Ethereum's version of USDT is the oldest and most widely adopted stablecoin, and tokens from other networks cannot easily replace it. Additionally, Ethereum carries over 27 billion USDC and is a key addition to USDT liquidity. Stablecoin liquidity remains siloed, with a significant portion locked into the TRON ecosystem. Despite its dominance in the stablecoin market, the presence of stablecoins on Ethereum has not helped the price of ETH, which remains suppressed under $3,100.



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