Ethereum's stablecoin supply has hit a record high, showing the network's growing strength as analysts like Bitmine's Tom Lee predict it could one day surpass Bitcoin's market value.
summary
- According to DeFiLlama, the supply of Ethereum stablecoins has reached an all-time high of $162.3 billion.
- DeFi TVL increases to $81 billion as DEX volume continues to exceed $80 billion.
- Analysts are discussing the possibility of Ethereum surpassing Bitcoin's market value.
Ethereum stablecoin supply has reached a new peak of $162.3 billion, demonstrating steady growth in network activity and investor confidence across decentralized finance markets.
According to data from DeFiLlama, the total value of stablecoins issued on Ethereum (ETH) has increased from approximately $130 billion in July to a record $162.3 billion at the time of writing.
DeFi and DEX trading volumes show new momentum
The steady growth of Ethereum’s DeFi ecosystem has paralleled a surge in the supply of stablecoins. The total amount locked up rose to $81 billion from about $60 billion in July.
The monthly trading volume of decentralized exchanges has also exceeded $80 billion for three consecutive months. Traders and developers continue to choose Ethereum for DeFi applications and tokenized assets, indicating high network usage and increasing liquidity.
Stablecoin growth often indicates increased transaction volume and increased user base engagement, two important indicators of a healthy network.
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Analysts revisit the Ethereum vs. Bitcoin debate
Ethereum's momentum has reignited the debate about whether it could one day surpass Bitcoin (BTC) in total market value, a concept known as “flipping.”
Tom Lee, head of research at Bitmine, compared Ethereum's potential to the rise in U.S. stocks after the end of the gold standard in 1971. “Ethereum has the potential to reverse Bitcoin in the same way that Wall Street and stocks reversed gold since 1971,” Lee said in an Oct. 16 interview with Ark Investments CEO Cathie Wood.
Bitcoin's market cap is currently $2.07 trillion, while Ethereum's market cap is $445 billion. Lee believes Ethereum has the potential to become a key layer in digital finance as tokenization expands and brings assets such as stocks and real estate on-chain.
Bitcoin proponents like Samson Moe argue that Ethereum's growth cycle is temporary, although others such as Joseph Rubin and Nigel Green share a similar outlook.
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