🌋 Avalanche Lags Behind in the Stablecoin Race
posted 22 Jan 2024
Avalanche blockchain is trailing in the stablecoin market, with a capitalization of just $1 billion. This situation is taking a toll on the DeFi applications' liquidity within its ecosystem and obstructing a steady flow of new users to the platform. To draw a comparison, the stablecoin market cap on Ethereum stands at $71 billion, while on Tron, it is $52 billion.
However, the issues extend beyond just market capitalization. Avalanche's stablecoin transaction volume per month is only around $7 billion, starkly lower compared to Solana, which sees over $300 billion in transactions, even with a market cap of $2 billion. AVAX enthusiasts primarily attribute these issues to the absence of a high-yield stablecoin and a proprietary alternative to USDT.
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