Stablecoins are booming, and one cryptocurrency could quietly become the foundation of a new dollar-based economy, analysts at Electric Capital say. Despite widespread talk about “de-dollarization,” the global thirst for U.S. dollars is far from disappearing. In fact, it’s reaching…Stablecoins are booming, and one cryptocurrency could quietly become the foundation of a new dollar-based economy, analysts at Electric Capital say. Despite widespread talk about “de-dollarization,” the global thirst for U.S. dollars is far from disappearing. In fact, it’s reaching…

Only one cryptocurrency set to lead stablecoin hype, Electric Capital says

4 min read

Stablecoins are booming, and one cryptocurrency could quietly become the foundation of a new dollar-based economy, analysts at Electric Capital say.

Despite widespread talk about “de-dollarization,” the global thirst for U.S. dollars is far from disappearing. In fact, it’s reaching new heights. Behind the scenes, a powerful shift is underway: billions of people and countless businesses worldwide are finding fresh ways to access dollars, not through banks or traditional finance, but via stablecoins.

As Electric Capital, a crypto investment firm and research organization, noted in a recent report, the shift is creating the biggest expansion of the dollar’s network in decades, and one cryptocurrency is positioned to benefit the most.

Since 2020, the stablecoin market has grown nearly 60-fold to over $200 billion, fueled largely by demand from emerging markets where traditional banking remains limited or unstable.

Electric Capital points out that billions of people around the world face currency risks. Political instability, poor monetary policies, and high inflation — sometimes above 6% annually — threaten the value of local currencies. In such places, holding dollars means more financial security.

Businesses also need dollars to operate. The U.S. dollar dominates global trade, involved in about 88% of all foreign exchange transactions. For many small and medium-sized enterprises and freelancers, especially in emerging economies, digital dollars help avoid currency mismatches and simplify cross-border payments.

Most importantly, stablecoins allow anyone with internet access to hold dollars: no bank account or government permission needed. This global accessibility is unprecedented.

The problem with TradFi

While this new wave of dollar holders is exciting, it comes with challenges. Millions of new users want more than just to hold stablecoins, they want to earn yield, invest, and access financial services. However, traditional finance cannot serve this growing market well, Electric Capital notes.

Only one cryptocurrency set to lead stablecoin hype, Electric Capital says - 1

The U.S. banking system, for example, requires strict regulatory compliance that excludes many people globally. Cross-border financial services are often expensive and slow, and are generally designed for institutions or wealthy individuals, not everyday users in emerging markets.

This gap calls for new financial infrastructure that is global, safe for institutions, and resistant to government interference.

How one crypto stands out

According to Electric Capital, Ethereum (ETH) is uniquely positioned to serve this new digital dollar economy because it meets three key requirements:

  1. Global accessibility: Ethereum works 24/7 and is available to anyone with internet access, whether in New York, Nigeria, or rural Nepal.
  2. Institutional safety: Ethereum offers needed security, regulatory clarity, and flexibility for institutions to build large-scale financial products.
  3. Resistance to government interference: Ethereum operates in a decentralized manner, making it harder for governments to restrict or censor.

Electric Capital’s analysts note Ethereum’s history of community funding and Proof-of-Work launch gave it broad asset ownership and a culture focused on decentralization, creating a moat that is difficult for other blockchains to replicate.

Only one cryptocurrency set to lead stablecoin hype, Electric Capital says - 2

The Ethereum network supports more than $140 billion in stablecoins, over $60 billion in decentralized finance protocols, and billions more in tokenized real-world assets.

In traditional finance, a reserve asset is the trusted base layer that supports lending, borrowing, and transactions. Examples include U.S. Treasuries, gold, and the dollar itself.

The report explains that as stablecoins on Ethereum grow, participants need a secure, productive asset to back financial activities. ETH fits this role perfectly, the analysts suggest, as the cryptocurrency is:

  • Scarce, with predictable supply and low inflation.
  • Productive, because it generates yield through staking.
  • Collateralized, backing over $19 billion in lending protocols.
  • Resistant to seizure or censorship by governments.
  • Programmable and liquid, deeply integrated into the on-chain financial system.

As stablecoin adoption increases, so does the demand for ETH to power the ecosystem, they say.

Layer 2s as supporters, not competitors

More than that, Ethereum’s Layer 2 scaling solutions make transactions faster and cheaper, opening more use cases for ETH as collateral and reserve asset, expanding its reach in the digital dollar economy, the analysts claim.

Beyond powering DeFi and stablecoins, ETH also has properties that make it a strong store of value, comparable to Bitcoin but with additional yield potential.

And, unlike gold, which generates no income, ETH holders can earn staking rewards, a feature that appeals to investors who prefer yield-generating assets. The report suggests that rather than competing with Bitcoin, ETH and BTC might both take market share from traditional stores of value like gold, treasuries, and real estate in the years ahead.

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Photo by Pierre Borthiry - Peiobty on Unsplash Cryptocurrency APIs are essential tools for developers building apps (e.g. trading bots, portfolio trackers) and for analysts conducting market research. These APIs provide programmatic access to historical price data, real-time market quotes, and even on-chain metrics from blockchain networks. Choosing the right API means finding a balance between data coverage, update speed, reliability, and cost. In this article, we compare five of the most popular crypto data API providers — EODHD, CoinMarketCap, CoinGecko, CryptoCompare, and Glassnode — focusing on their features, data types (historical, real-time, on-chain), rate limits, documentation, and pricing plans. We also highlight where EODHD’s crypto API stands out in this competitive landscape. Overview of the Top 5 Crypto Data API Providers
  1. EODHD (End-of-Day Historical Data) — All-in-One Multi-Asset Data EODHD is a versatile financial data provider covering stocks, forex, and cryptocurrencies. It offers an unmatched data coverage with up to 30 years of historical data across the global For crypto, EODHD supports thousands of coins and trading pairs (2,600+ crypto pairs against USD) and provides multiple data types under one service. Key features include:
Historical Price Data: Daily OHLCV (open-high-low-close-volume) for crypto assets, with records for major coins going back to 2009 eodhd.com (essentially as far back as Bitcoin’s history). This extensive archive facilitates long-term backtesting. Real-Time Market Data: Live crypto price quotes via REST API and WebSocket. EODHD’s “Live” plan delivers real-time (typically streaming) updates with high rate limits (up to 1,000 requests/minute on paid plans) Developers can also use bulk API endpoints to On-Chain & Fundamental Data: While not an on-chain analytics platform per se, EODHD provides crypto fundamental metrics such as market cap (actual and diluted), circulating/total/max supply, all-time high/low, and links to each project’s whitepaper, block explorer These fundamentals give context beyond price, though advanced on-chain metrics (e.g. active addresses) are not included. Additional Features: EODHD stands out for its ease of use and support tools. API responses are clean JSON by default (with an option for CSV), and the service offers no-code solutions like Excel and Google Sheets add-ons to fetch crypto data without programming Comprehensive documentation and an “API Academy” with examples help users get started EODHD also provides 24/7 live customer support, reflecting its 7+ years of reliable service Pricing & Limits: EODHD’s pricing is very competitive for the value. It has a free plan (registration required) which allows 20 API calls per day for trying out basic Paid plans start at $19.99/month for end-of-day and live crypto data, allowing up to 100,000 calls per day— a generous limit that far exceeds most competitors at that price. The next tier ($29.99/mo) adds real-time WebSocket streaming, and the top All-in-One plan ($99.99/mo) unlocks everything (historical, intraday, real-time, fundamentals, news, etc.) All paid plans come with high throughput (up to 1,000 requests/min) Enterprise or commercial licenses are available for custom needs, and students can even get 50% discounts for educational Overall, EODHD offers an excellent price-to-performance ratio, giving developers extensive crypto (and cross-asset) data for a fraction of the cost of some single-purpose crypto APIs. 2. CoinMarketCap — Industry-Standard Market Data CoinMarketCap (CMC) is one of the most well-known cryptocurrency data aggregators. It provides information on over 10,000 digital assets and aggregates data from hundreds of CMC’s API is a go-to choice for current market prices, rankings, and exchange statistics. Key features include: Real-Time Quotes & Global Metrics: The API offers real-time price quotes, market capitalization, trading volume, and rankings for thousands of cryptocurrencies. It also provides global market metrics like total market cap, total volume, Bitcoin dominance, etc., updated (CMC’s data updates roughly every 1–2 minutes by default; true streaming is not yet available via their API.) Historical Data: Paid tiers unlock access to historical price data. CMC has data going back to 2013 for many assets, and enterprise plans provide all historical OHLCV data since 2013.The API endpoints include daily and even intraday historical quotes, but note that the free tier does not include historical price retrieval(free users get only latest data). Exchange and Market Endpoints: CoinMarketCap’s API covers exchange-level data (e.g. exchange listings, trading pair metadata, liquidity scores) and derivative market data (futures, options prices) on higher plans. This is useful for monitoring exchange performance and volumes across both centralized and decentralized exchanges. However, on-chain analytics are not CMC’s focus — the API doesn’t provide blockchain metrics like address counts or transaction rates. Developer Support: CMC provides comprehensive documentation and a straightforward RESTful JSON API . The endpoints are well-documented with examples, and categories include latest listings, historical quotes, metadata/info (project details), exchange stats, and The service is known for its reliability and is used by major companies (Yahoo Finance, for example, uses CoinMarketCap’s data feeds in its crypto Pricing & Limits: CoinMarketCap offers a free Basic plan with 10,000 credits per month (approximately 333 calls/day) and access to 11 core endpoint. The free tier is suitable for simple apps that only need current market data on a limited number of assets. To get historical data or higher frequency updates, you must upgrade. The Hobbyist plan starts at around $29/month (paid annually) and offers a higher monthly call allowance (e.g. ~50,000 calls/month) and more endpoints. Mid-tier plans like Startup ($79/mo) and Standard ($199/mo) increase the rate limits and data access — e.g., more historical data and additional endpoints like derivatives or exchange listings. For example, Standard and above allow intraday historical quotes and more frequent updates. Professional/Enterprise plans ($699/mo and up, or custom) provide the highest limits (up to millions of calls per month), full historical datasets, and SLA . Rate limits on CMC are enforced via a credit system; different endpoints consume different credits, and higher plans simply grant more credits per month. In summary, CoinMarketCap’s API is very robust but can become expensive for extensive data needs — it targets enterprise use cases with its upper tiers. 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Historical data can be retrieved in the form of market charts (typically with daily or hourly granularity depending on the time range). Additionally, CoinGecko offers endpoints for exchange data, trading pairs, categories (sectors), indices, and even asset contract info (mapping contract addresses to CoinGecko listings). They also expose developer and social metrics for each coin — e.g. GitHub repo stats (forks, stars, commits) and social media stats (Twitter followers, Reddit subscribers) This is valuable for analysts who want to gauge community interest or development activity alongside price. No WebSockets — REST Only: CoinGecko’s API is purely REST-based; there is no built-in WebSocket streaming. Data updates for price endpoints are cached at intervals (typically every 1–5 minutes for free users, and up to every 30 seconds for Pro users). So while you can get near-real-time data by polling, ultra-low-latency needs (like high-frequency trading) are better served by other providers or exchange-specific APIs. Documentation & Use: The API is very straightforward to use — in fact, for the free tier no API key was required historically (though recently CoinGecko introduced an optional “Demo” key for better tracking). A simple GET request to an endpoint like /simple/price returns current prices. CoinGecko’s documentation is clear, and they even highlight popular endpoints and provide examples. Because of its simplicity and generous free limits, CoinGecko’s API has been integrated into countless projects and tutorials. Pricing & Limits: CoinGecko operates a freemium model. The free tier (now referred to as the “Demo” plan) allows about 10–30 calls per minute (the exact rate is dynamic based on system load) In practical terms, that’s roughly up to 1,800 calls/hour if usage is maxed out — very sufficient for small applications. 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