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Ethereum Layer-2 Networks Hold Critical $13.5 Billion in Stablecoins
A recent report by Tie Terminal has revealed that Ethereum layer-2 networks now hold a staggering $13.5 billion worth of stablecoins. This significant figure reflects the rising demand for these digital assets, which have become an essential component of the cryptocurrency ecosystem.
The data further highlights the dominance of Arbitrum One and Base, two prominent Ethereum layer-2 networks, in terms of stablecoin holdings. Arbitrum One leads the pack with a staggering $6.75 billion, while Base follows closely with $3.56 billion. Together, these platforms account for a substantial portion of the Ethereum layer-2 stablecoin supply.
It is worth noting that Tether (USDT) and USD Coin (USDC), two of the largest stablecoins by market capitalization, continue to maintain their dominance in the sector. Notably, Tether has seen significant growth, increasing from $91.7 billion at the beginning of 2024 to a staggering $140 billion as of December 19.
The report also notes that the stablecoin market capitalization surpassed $200 billion on December 11, marking a new all-time high. This figure stands in stark contrast to previous declines experienced by the sector.
Moreover, the introduction of MiCA regulations in the European Union could have significant implications for the growth of the stablecoin sector. The regulations may encourage adoption, particularly in the European financial landscape.
Source: coinchapter.com
