Here’s what happened in crypto today
Today in crypto, data shows that $5 billion worth of stablecoins were added to the Ethereum network last week, bringing the total to $165 billion. El Salvador celebrates Bitcoin anniversary and Paxos has proposed a fully compliant USDH stablecoin for the Hyperliquid ecosystem. Ethereum added $5B of stablecoins last weekEthereum added around $5 billion in new stablecoins over the past week, pushing the total supply of stablecoins on the network to an all-time high. The stablecoin supply on Ethereum has more than doubled since January 2024 and has reached an all-time high of $165 billion, reported Token Terminal on Sunday. Figures vary slightly depending on the data provider, as RWA.xyz reports a total of $158.5 billion in Ethereum-based stablecoins, which is also an all-time high, giving the network a commanding market share of 57%. Ethereum has been the network of choice for stablecoins. Its next closest competitor, Tron, has a market share of 27% and Solana, in third place, has less than 4%. El Salvador celebrates four-year Bitcoin anniversaryEl Salvador’s Bitcoin Office, the country’s national Bitcoin agency, celebrated its Bitcoin anniversary on Sunday, marking four years since the Central American country made Bitcoin legal tender and adopted other pro-BTC regulations in September 2021.The Bitcoin Office highlighted the fact that El Salvador was the first country in the world to establish a Bitcoin strategic reserve, which currently holds over 6,313 BTC, valued at over $702 million, and its various BTC and artificial intelligence public education initiatives. However, the country has since repealed its Bitcoin legal tender law and scaled back government involvement in the Bitcoin sector, prompting questions about the success of El Salvador’s Bitcoin experiment. Paxos proposes Hyperliquid-first stablecoin, allocates yield to HYPE buybacksStablecoin infrastructure firm Paxos has submitted a proposal to launch USDH, a Hyperliquid-first stablecoin that would be fully compliant with the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) and Markets in Crypto-Assets (MiCA) regulatory standards.According to the announcement, published on Saturday, 95% of interest earned from USDH reserves would be used to buy back Hyperliquid’s native token HYPE, redistributing it to users, validators and partner protocols.“We propose the launch of USDH, a Hyperliquid-first, fully compliant stablecoin purpose built to drive adoption, align incentives, and anchor the ecosystem’s next era of growth,” Paxos wrote.Paxos Labs, a newly formed entity within Paxos, will lead the initiative. It has acquired infrastructure firm Molecular Labs, the developer behind Hyperliquid primitives LHYPE and WHLP, enhancing its understanding of Hyperliquid’s onchain financial architecture.