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"Ethereum, Solana Mint Billions in Stablecoins; Whales Bet on Remittix"

Coin WorldMonday, Jan 27, 2025 12:25 pm ET

1min read

Ethereum and Solana, two leading blockchain platforms, have witnessed a significant increase in the supply of on-chain stablecoins over the past week. According to data from LookIntoChain, the Ethereum mainnet has seen the minting of 20.6 billion units of stablecoins, primarily USDT and USDC, reflecting its dominant position in the stablecoin market. Meanwhile, the Solana network has also experienced robust minting activity, with 20.4 billion units of these stablecoins being issued. This surge in stablecoin minting indicates a strong demand for liquidity solutions and risk mitigation strategies among traders and investors in the volatile crypto market.

Ethereum's leading role in the decentralized finance (DeFi) and stablecoins sector has been well-documented. According to DeFiLlama, Ethereum controls over 57% of the total value locked (TVL) in the DeFi market, with its smart contracts facilitating nearly half of all blockchain-based activities. Stablecoins, cryptocurrencies pegged to traditional currencies like the US dollar, have been identified as the industry's "killer app," with Ethereum playing a major role in this sector. Although Ethereum's native token, ether (ETH), has a higher market cap than its DeFi competitors like Solana (SOL) and Binance Smart Chain (BNB), its market cap-to-TVL ratio is a modest 6.1, indicating that Ethereum offers more value compared to its competitors.

In recent developments, leading Ethereum and Solana whales have been investing in a new crypto project called Remittix, which is generating buzz in the market. With nearly 490,000 wallets involved in its presale phase, Solana whales have invested $3.73 million into Remittix, which has reportedly seen remarkable growth. This shift is due to a significant price drop for Solana in early 2025, prompting major investors to offload their SOL holdings. Experts see immense potential in Remittix, citing its rapid expansion and substantial achievements. Remittix's innovative PayFi infrastructure merges decentralized finance with cross-border payments, simplifying global cross-border transactions by converting cryptocurrencies into fiat currency without hidden charges. Its flat-fee model ensures no additional charges for wire transfers or currency exchanges, making it an attractive solution for cross-border payments.

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