The monthly stablecoin trading volume on Ethereum alone is likely to hit the $1 trillion mark this April.

The total supply of Ethereum stablecoins has recovered to the highest level since March 2023 at $92 billion. It hit a record $125.6 billion at the beginning of March 2022.

https://preview.redd.it/7hvnqfulanwc1.png?width=768&format=png&auto=webp&s=4d6a658146a04621e95ff13a26dc4b844dc2d92c

Total stablecoin supply is now at the highest since June 2022 at over $165 billion. The stablecoin market hit a record valuation of over $183 billion in May 2022.

Tether’s USDT continues to dominate the sector with its record market cap of $115 billion, accounting for 70% of the total market cap – Today, almost 58 billion USDT resides on Tron and over 52 billion on Ethereum, both at a record high.

https://preview.redd.it/5tqdzopoanwc1.png?width=1024&format=png&auto=webp&s=ed2c97e17b90e5caf13c218a11733cf18fce7685

Algorithmic stablecoins on Ethereum are also experiencing a revival, with the total supply surging to almost $10 billion, which is the highest since October 2022.

• Interestingly, DAI’s market cap has been hovering near $5 billion over the last 12 months, while the aggregate value of the rest of algorithmic stablecoins has doubled during the same period.
• The main driver was Ethena’s USDe, which quickly rose to $2.4 billion.

OC: https://www.nftgators.com/ethereum-stablecoin-volume-to-hit-record-1t-in-april/