Analyst: The only way competitors can "kill" Ethereum is non-USD stablecoins

Here's how Ethereum's dominance can be "Killed" according to a noted analyst.

One of Ethereum's biggest value propositions at the moment is that it is a platform for the transaction of U.S. dollar stablecoins such as Tether's USDT, USD Coin, True USD, and many others.

According to estimates, there is now approximately $8-9 billion worth of stablecoins based on the Ethereum blockchain.

That's to say, stablecoins are now a crucial economic driver on Ethereum.

Not to mention, stablecoins are what make decentralized finance - better known as "DeFi" - possible.

What Ethereum is missing is non-USD stablecoins, according to former Messari executive Qiao Wang, who is also a trader of cryptocurrency and stocks.

Whichever ETH killer successfully launches a non-USD stablecoin has the best chance to kill ETH. I would venture to say it's the only way to kill ETH given the network effect.

"Had an epiphany. Whichever ETH killer successfully launches a non-USD stablecoin has the best chance to kill ETH. I would venture to say it's the only way to kill ETH given the network effect. It's the most blatantly obvious missing piece in the Ethereum ecosystem."

The investor did note that due to negative interest rates and other macroeconomic factors, stablecoins backed by other currencies - be it the Pound Sterling, the Euro, the Japanese Yen, or otherwise - are hard to implement.

While Cardano hasn't implemented non-USD stablecoins just yet, it is Ethereum's closest competitor in terms of market capitalization and technology.