Stable cryptocurrencies have grown by $ 1.5 billion in the last month because of the coronavirus pandemic. Currently, the market cap of stablecoins has reached $ 7 billion, according to Coin Metrics data.
Coin Metrics co-founder Nic Carter told Decrypt that this increase in stablecoins’ popularity could diminish demand for Ethereum.
With the stock market down, investors are turning to stable cryptocurrencies, which are the closest asset to cash during a liquidity crisis. Asked about the possible effects of increasing stablecoins’ popularity on Ethereum, Carter confirmed that this could diminish demand for Ether.
“This adversely affects the entire system, as it reduces mining revenues,”
he said.
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