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The memecoin frenzy earlier this month — which saw active bitcoin users plummet and users flock to Solana — seems to be disrupting activity elsewhere, with the volume of Ethereum on-chain stablecoin trading this month on track to be the lowest since Dec. 2020.

On-chain trading of USDC has reached only $73.1 billion so far this month, less than half the $158.9 billion that changed hands in April, according to data from The Block.

Nearly $69 billion of Tether’s USDT has changed so far this month, after seeing volume last month of $110.6 billion. 

“It’s likely caused by high fees on Ethereum resulting in a drawback of stablecoin activity,” The Block data research analyst Rebecca Stevens said, pointing out that most trading attention this month had been focused on memecoins.

“USDC’s volume relative to USDT’s volume has really fallen off,” Stevens added. “This seems to be a result of the depegging. Its supply has also dropped so there’s also less USDC to trade.”

The Binance USD stablecoin has seen a significant decline in volumes since February when minting was stopped, she said. 

While the average transaction fee on Ethereum has come down after peaking this month on May 11, the 7-day moving average is still well above levels seen earlier this year.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The outflows totalled $32 million last week, pushing total during the streak to $232 million.

Trading with Tether’s USDT stablecoin has fallen to its lowest level in four years, while its market capitalization nears an all-time high of $83 billion.

Coinbase, the crypto exchange in a long-running dispute with U.S. regulators, is taking its public outreach to airwaves in the nation’s capital, running a new TV this week to confront what it says is a “naive view” of digital assets

“Lots of policy work to do to ensure America isn’t left behind,” co-founder and CEO Brian Armstrong wrote Monday on Twitter.

In the nearly 2-minute black and white “extended cut” version posted to YouTube, Armstrong says the view that crypto is merely a speculative asset is “missing the forest through the trees.” While he acknowledges the industry is still in its early days, he compared the current crypto era to what happened when people first started to use the Internet.

“Fundamentally, crypto is not a financial product,” Armstrong said. “It’s a technology that can update all kinds of financial products. It can improve settlement times. It can make it cheaper to send money to your family overseas in another country.”

“Regardless of what you think about it, it’s not going anywhere,” he said.   “It can’t be un-invented.”

A lengthy flight with U.S. regulators

Coinbase has been embroiled in a lengthy fight with the Securities and Exchange Commission and has been pushing for new rules for the industry. SEC chairman Gary Gensler has accused crypto markets of being “generally non-compliant” and doesn’t believe new rules are needed.

The crypto exchange has been active both inside the courtroom and out, earlier this month creating a Global Advisory Council that includes former U.S. Senator Patrick Toomey, in addition to former U.S. Congressmen Tim Ryan and ​​Sean Patrick Maloney. The company has warned that an unfavorable regulatory climate in the U.S. could push development overseas.

In the new ad, Armstrong said he worried that the U.S. could face a national security issue like it saw after many advancements in 5G technology and semiconductors had been offshored. 

“If you want to help the average person in America, we need to make sure we have economic growth,” he said. “Everything that underpins that comes from science and technology.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Many large countries around the world, including Pakistan and Nigeria, suffer currency turmoil. And, despite official efforts to curb crypto activity, there are signs their citizens are turning to crypto assets as a hedge, says Noelle Acheson.

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BlockFi said in a letter made public Friday that statements about a bankruptcy reorganization plan should be disregarded.

The corrective letter, issued following an order by the U.S. Bankruptcy Court for the District of New Jersey, stated that the crypto lender “prematurely posted certain statements to the court docket, its website, and its Twitter feed on May 13, 2023, regarding a proposed plan of reorganization.

“We urge each of you to disregard those communications until such time as the publication and dissemination of such statements are authorized,” the letter said. 

The court documents illustrate continued friction between BlockFi and a committee of unsecured creditors formed in the wake of the crypto lender’s bankruptcy filing last November.

The letter states that the committee is opposed to the reorganization plan, as are “other parties.” It also indicates disagreement over elements of a proposed plan to liquidate BlockFi’s lending platform and distribute funds to creditors. 

“The Committee also believes that it is not appropriate for BlockFi, via its current management and professionals, to control the liquidation of BlcockFi and distributions to creditors. The Committee has requested changes to the plan,” the letter states. 

CoinDesk reported earlier Monday that a reorganization plan hearing is set for June.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.