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High Transaction Fees Drive Stablecoin Users to Solana and Polygon, Ethereum Activity Declines

The activity of stablecoin holders deployed on the Ethereum blockchain has witnessed a sharp decline in May primarily due to the increase in transaction fees . Users have begun moving towards to alternative blockchains like Solana and Polygon which offer lower fees, as reported by The Block .

Switch to Solana and Polygon: Ethereum-based Stablecoin Activity Plummets

Experts reveal that the current month is witnessing the lowest amount of transactions of Ethereum-based stablecoins since December 2020 . Notably the turnover of USDC (USD Coin) over the past three weeks amounted to only $73.1 billion which is a significant drop from the previous month’s levels which was over $158.9 billion . A similar trend can be observed with Tether (USDT) as the trading volume in May dipped below $69 billion compared to April’s $110.6 billion .

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