The number of weekly active users of Ethereum-based stablecoins exceeded 750,000, setting a new record

PANews reported on June 26 that according to The Block, the number of active independent users of Ethereum-based stablecoins exceeded 750,000 per week, a record high. Among them, USDT and USDC dominated, with circulation on Ethereum reaching 73 billion and 41 billion US dollars respectively, accounting for 85% of the total 134 billion US dollar stablecoin market on the entire network.

Market analysis points out that the use of stablecoins has shifted from speculative demand to practical application drive. As traditional financial institutions accelerate their layout, stablecoins are becoming the core infrastructure of digital business. The current competitive landscape presents two major characteristics: while the leading stablecoins maintain their advantages, new projects still have the opportunity to compete for a market space of about US$20 billion. Industry observers predict that in the future, issuers will compete for users by reducing fees and providing profit opportunities. This competitive situation will promote product innovation and reduce end-user costs. This trend also reflects that the digital dollar and encrypted financial services are accelerating in popularity.