Monthly Ethereum stablecoin volume hits record $2.8 trillion in October
Ethereum stablecoin volume reached a record $2.82 trillion in October, marking a 45% monthly increase driven by yield-seeking traders.Summary
Total monthly stablecoin volume on Ethereum surged to a new all-time high of $2.82 trillion in October, a 45% increase from September's $1.94 trillion, as traders sought yield opportunities amidst a crypto market slowdown. USDC led the volume with $1.62 trillion, followed by USDT at $895.5 billion, while DAI saw a slight decrease. Experts suggest this surge is fueled by active yield farming, particularly around liquid yield tokens, and traders using stablecoins to manage liquidity and hedge capital while preparing for potential dips. This increased activity positioned stablecoin issuers as dominant revenue generators among crypto protocols, primarily earning revenue from interest on reserves held in low-risk assets like U.S. Treasuries.
(Source：The Block)