It’s been a complicated week for bitcoin‘s adoption story.
It allows parties to transact quickly and cheaply, verifying their transactions periodically in batches via the more trust-minimized Bitcoin network.
The number of bitcoin wrapped on Ethereum has grown faster over the same period, and it’s a couple orders of magnitude greater than the number of bitcoin committed to the Lightning Network: As of this Tuesday, the supply of WBTC was 188,961.
The possibility of dollarization via stablecoins is real, but as for what rails it will move on, the market has spoken: It’s not Bitcoin, it’s Ethereum.
The chart above shows the supply of tether , the largest stablecoin by supply, on three networks that support it.
Tether and other stablecoins certainly have the potential to facilitate commerce, better than more volatile cryptocurrencies, which are more suited to investment.
Crypto-to-dollar pairs are fewer, and if a world like Saylor describes truly comes to pass, the regulatory challenges at the ramps between crypto and commerce will extend far beyond the borders of one Central American nation-state.
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