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.
As crypto markets navigate another week of volatility and shifting sentiment, traders are increasingly turning their attention to emerging altcoins and high-momentum tokens.
A new milestone in cryptocurrency investment products is set to unfold this Wednesday, as REX Shares prepares to launch the first-ever U.S.-listed staked crypto exchange-traded fund (ETF), according to a company announcement shared on X.
XRP (XRP) has gone up by 1.2% in the past 24 hours but, behind that mild price increase, there has been a significant spike in trading volumes. During this period, $2.4 billion worth of XRP has exchanged hands, representing an 83% increase. Just hours ago, Ripple announced the official launch of its Ethereum-compatible sidechain called […]
A community-driven initiative launched Monday is inviting Ethereum users to lock art, memories, and personal messages inside a decentralized “time capsule,” set to be opened on the network’s 11th anniversary next year.