Coin Metrics’ State of the Network: Issue 218

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By: Lucas Nuzzi & Kyle Waters

Final week, the U.S. Home Committee on Monetary Providers convened to debate proposed laws, together with H.R. 4766, or the “Clarity for Payment Stablecoins Act of 2023”. The following debate between Home members and push for laws in the US underscores that stablecoins—a as soon as nascent however now mainstream phase of the crypto ecosystem—have garnered important consideration in Washington. 

Stablecoins are tokens pegged to fiat currencies (overwhelmingly the US greenback right this moment) that run on public blockchains like Ethereum. They’ve burgeoned right into a market exceeding $100 billion with hundreds of thousands of customers worldwide. Already serving as the spine of decentralized finance (DeFi) functions and the wider crypto-economy, stablecoins maintain the potential to additional permeate on a regular basis monetary actions for retail customers and establishments alike.

Supply: Coin Metrics Community Knowledge Professional

However for this future of digital {dollars} to materialize, it’s important that policymakers and potential customers grasp all of the potential dangers related to stablecoins. In our new particular insights report, we lay out some of the key fragilities of stablecoins and the way we are able to use on-chain and market knowledge to watch these dangers appropriately.

You may obtain the full report, Decoding the Digital Greenback: Unraveling the Dangers of Stablecoins, beneath.

Access Report

Energetic addresses on Bitcoin moved 3% increased week-over-week, whereas Ethereum exercise slumped, with energetic addresses falling 6% WoW to 424K per day. Exercise in Curve DAO (CRV) surged after DeFi software Curve suffered an exploit to the tune of tens of hundreds of thousands of {dollars} value of crypto property.

This week’s updates from the Coin Metrics group:

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Coin Metrics’ State of the Community, is an unbiased, weekly view of the crypto market knowledgeable by our personal community (on-chain) and market knowledge.

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© 2023  Coin Metrics Inc. All rights reserved. Redistribution shouldn’t be permitted with out consent. This text doesn’t represent funding recommendation and is for informational functions solely and you shouldn’t make an funding choice on the foundation of this info. The e-newsletter is supplied “as is” and Coin Metrics is not going to be answerable for any loss or harm ensuing from info obtained from the e-newsletter.

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