Share this article
Stablecoins 'Flip' Ethereum's Native Currency in Transfer Value
A greater share of value is being transferred via stablecoins over the ethereum network than its own native cryptocurrency.
Updated Sep 13, 2021, 12:13 p.m. Published Jan 30, 2020, 4:21 a.m.
A greater share of value is being transferred via stablecoins over the ethereum network than its own native cryptocurrency ether , according to research conducted by crypto data aggregate Messari.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a recent tweet, Ryan Watkins, research analyst at Messari, said stablecoin transfer value had “flipped” ethereum’s native currency, ETH.
“This is largely the story of tether transitioning to ethereum. On a weekly basis, the flip occurred mid-2019. Since then the change is striking,” Watkins said.
The outstripping of ETH by stablecoins on its own network signifies a major step towards trust in cryptocurrencies whose values are pegged 1-to-1 to a major currency like the U.S. dollar.
The ethereum network allows for numerous tokens to operate within its ecosystem amid the backdrop of interoperability, enabling seamless transactions between multiple parties.
ERC-20 stablecoins, however, are by far the most sought-after token on the ethereum network in part largely due to the rise of the U.S. dollar-backed stablecoin USDT, as Watkins notes.
USDT flipped ETH sometime during the months of April and May 2019, with the transfer value outstripping ethereum’s native token and USDT maintaining its dominance ever since.
The company behind the stablecoin, Tether Ltd, began migrating tokens to ethereum in April 2019.
A few months later, the amount of USDT on bitcoin’s Omni layer started rapidly declining. Tether has since started issuing new tokens on the Tron and Liquid blockchains, with an influx of USDT in November 2019 far outstripping ETH.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ICP Rises, Keeping Price Above Key Support Levels
Internet Computer rose, keeping the price above the $3.40 support zone, with early session volume spikes failing to produce a sustained breakout.
What to know:
- ICP rose 0.6% to $3.44 as early session volume surged 31% above average before fading.
- Resistance near $3.52–$3.55 rejected multiple breakout attempts, keeping the token range-bound.
- Support between $3.36–$3.40 held firm, maintaining ICP’s short-term higher-low structure.
Top Stories
