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.

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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.

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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/