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Stablecoin volume at record highs, but Ethereum price stays steady

Stablecoin trading volume on the Ethereum blockchain has jumped a lot in recent months.

By Finst News
• 2 min read
Stablecoin volume at record highs, but Ethereum price stays steady

The stablecoin trading volume on the Ethereum blockchain has surged in recent months. Data from The Block shows that a new record high of USD 1.4 trillion has been reached.

With USD 960 billion, the lion's share is accounted for by the DAI stablecoin. USDT from Tether and USDC from Circle each account for more than USD 200 billion. The PayPal coin PYUSD had a much smaller share in the mix, but also posted strong gains. The volume rose from USD 500 million to USD 2.4 billion.

In total, stablecoin volume has more than doubled since the start of the year from USD 650 billion. View post on X on-chain analyst Leon Waidmann attributes the growth to the “rising demand for DeFi”.

However, this isn’t reflected in the Ether price. Compared with the week prior, the second-largest cryptocurrency is trading flat at USD 2,360 — a 13% drop over the last 30 days.

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