Ethereum Transaction Volume Reaches New Heights – Stablecoins Lead the Growth

In August, the total unfiltered transaction volume on the Ethereum network hit a record $1.46 trillion, with stablecoins playing a key role in this surge.

The transaction volume for stablecoins has doubled since January, starting at $652 billion and peaking at $1.18 trillion in April.

MakerDAO’s DAI led the way in stablecoin transaction volumes, reaching $962.3 billion, driven by increased interest in decentralized finance (DeFi). This growth in DAI usage suggests rising confidence in algorithmic stablecoins. Tether’s USDT and Circle’s USDC followed with transaction volumes of $265.84 billion and $209.98 billion, respectively, maintaining their significant influence in the expansion of the DeFi sector.

Despite DAI’s dominance in unfiltered volumes, USDT and USDC performed better in filtered stablecoin transactions on Ethereum, sparking speculation about potential “wash” trading.

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PayPal’s stablecoin, PYUSD, though not in the top five, has shown notable growth, increasing from $500 million to $2.4 billion since its launch.

Kosta Gushterov