The largest altcoin, Ethereum (ETH), has been on a tremendous run in recent weeks, rising from levels of $1,800 to $2,600.
Apart from the price performance, another record came from ETH. Ethereum’s on-chain stablecoin volume reached an all-time high of $908 billion in April. This record shows that Ethereum’s application in the financial sphere is becoming increasingly popular.
This growth in Ethereum was led by USD Coin (USDC), with trading volume exceeding $500 billion in the last six months. Other stablecoins such as DAI and USDS also saw significant movement, indicating that the stablecoin market is showing a diversified development trend.
It was also stated that this growth in Ethereum was influenced by the fact that corporate giants such as Meta and Stripe are currently researching or launching stablecoin-based payment solutions.
According to experts, the surge in stablecoin activity on Ethereum highlights the continued dominance of the ETH network as the blockchain of choice for dollar-denominated digital assets, despite competitive challenges with alternative chains and Layer 2 solutions.
So while stablecoin usage is increasing on other chains, Ethereum remains the largest network of choice for stablecoin transactions.
*This is not investment advice.