Market intelligence firm Glassnode says one particular niche within the decentralized finance (DeFi) sector remains robust despite crypto market woes.
In a new analysis, Glassnode says capital has been pouring into stablecoins while many Ethereum (ETH) holders are currently underwater.
“The aggregate capitalization of the top four stablecoins (USDT, USDC, BUSD and DAI) have also now overtaken the Ethereum market cap by $3.0 billion.
The aggregate top four stablecoin cap had previously topped out at 50% of Ethereum’s market cap on multiple occasions throughout 2020-22, however has seen a dramatic break higher in May and June this year.
This is the first time such an event has happened.”
The report also notes how the new development of such stablecoin interest on ETH represents: