For the first time in history, stubcoin supply at Ethereum crossed the $160 million threshold on September 14th.
In this way, The supply of stable currency within the network created by Vitalik Buterin doubled since January 2024as seen in the following graphics provided by the block:
This milestone reaffirms Ethereum as the main home for stubcoin, which currently concentrates 54.46% of the market.
Within this domain, USDT issued by Tether is positioned as the main stubcoin with a supply of $8.78 billion, followed by USDC, which reaches 48,000 million from Circle.
Looking ahead, Ethereum can benefit from the approval of the stable state innovation orientation and establishment law, well known as the genius law, as reported by encryption. The standard proposes integrating these assets into the traditional US financial system and establishing clear rules for stable currency issuance and operation.
Considering that a large number of stub coins have already moved into Ethereum, It is not unreasonable that a significant proportion of future publications will be channeled in this network.
If this occurs, a larger issuance of stable coins within the network increases the need for payments from the committee, making it a great catalyst for ether prices (ETH).
