Ethereum stablecoin monthly volume hits a record of approximately $2.82 trillion

PANews, November 3 - According to The Block, the on-chain trading volume of Ethereum stablecoins reached approximately $2.82 trillion in October, a month-on-month rise of about 45%, setting a new historical high. The trading volume of USDC in that month was about $1.62 trillion, ranking first, followed by USDT with approximately $895.5 billion; DAI at around $136 billion, which decreased compared to September. Analysts state that during the market pullback, traders utilized stablecoins for liquidity management and yield strategies, with stablecoin issuers contributing about 65%-70% of daily revenue for encryption protocols in October, primarily from interest income derived from low-risk assets such as US Treasuries. Bitcoin and Ethereum fell approximately 11.5% and 16.4% respectively that month.