Ethereum's on-chain stablecoin volume hit a record $908 billion in April, driven by institutional adoption. This milestone highlights Ethereum's dominance in dollar-denominated digital assets.
USDC volume on Ethereum exceeded $500 billion, showing strong growth over the past six months. DAI and Sky's USDS also saw significant volume increases, diversifying the stablecoin landscape.
During the week of May 4, Meta explored stablecoin integrations to cut transaction costs, and Stripe unveiled new stablecoin offerings. Donald Trump's World Liberty Financial project minted nearly $2 billion worth of USD1, becoming the seventh-largest stablecoin.
Fortune 100 companies are increasingly exploring stablecoins for cross-border payments. Competition among stablecoin issuers is expected to intensify, potentially decreasing fees and benefiting users.
Despite challenges from other chains, Ethereum remains the preferred blockchain for stablecoin transactions. The surge in activity underscores Ethereum's continued importance in the stablecoin market.
This article is based on our author's analysis of materials taken from The Block's Data and Insights newsletter.