Ethereum Stablecoin Transactions Soar to Record $1.46 Trillion, Led by DAI
CryptoNewsTerminal Staff10 Sep, 2024
Ethereum Stablecoin Transactions Soar to Record $1.46 Trillion, Led by DAI
Ethereum (ETH) on-chain stablecoin transactions have hit an all-time high of $1.46 trillion, more than doubling the volume recorded earlier this year. According to data from The Block, the surge was primarily driven by DAI, an algorithmic stablecoin, which accounted for $960 billion worth of transactions. This significant increase indicates a growing demand for decentralized finance (DeFi) solutions and increasing confidence in non-collateralized stablecoins like DAI. The rise in stablecoin transactions suggests that users are increasingly turning to these assets for financial stability and as a medium of exchange within the DeFi ecosystem.
