CandleFocus Stablecoins volume on Ethereum reaches an all-time high despite market uncertainties
2024-09-11
Author: Content Editor
The total on-chain transaction volume of Ethereum reached a record high of $1.46 trillion in August, with stablecoin transaction volumes increasing significantly since the beginning of the year. MakerDAO's DAI had the highest volume, followed by Tether's USDT and Circle's USDC. The data suggests that the increased interest in DAI may indicate growing trust in algorithmic stablecoins. While PYUSD, PayPal's stablecoin, did not make it to the top 5, it has seen significant growth since its launch and PayPal has been forming partnerships to support its success. The increased usage of stablecoins in the Ethereum ecosystem may indicate a maturing ecosystem and healthier DeFi markets. Newer stablecoins are also introducing innovation and competition within the industry.
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