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.
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.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.