Ethereum hits new high with $2.8 trillion in stablecoin trades last October.
The crypto market took a break in October after early gains. Many traders moved from risky bets to safer ways to earn money. This shift sparked a big jump in stablecoin use, especially on Ethereum. Volumes there climbed to all-time peaks.
Picture a massive Ethereum spike launching stablecoins into a bright city skyline, like something from a comic.
In brief, stablecoins on Ethereum handled way more trades in October. This shows Ethereum leads in moving money and keeping liquidity steady.
Trades on Ethereum totaled $2.82 trillion for the month. That tops the old record of $1.94 trillion from September.
Circle's USDC led with $1.62 trillion in volume. Tether's USDT came next at $895.49 billion.
Ethereum stablecoin trades hit record levels.
Stablecoins built on Ethereum saw a sharp rise in activity last October. This points to fresh demand on the chain. The Block's data pegs total monthly trades at about $2.82 trillion. It beats September's $1.94 trillion mark. The 45% gain cements Ethereum as the top spot for stablecoin flow in crypto.
For single stablecoins, October volumes broke down like this:
Circle's USDC took the lead at $1.62 trillion. That's up from $1.05 trillion in September. It stays the busiest stablecoin.
Tether's USDT grew to $895.49 billion. It rose from $580 billion last month. USDT holds a solid spot.
MakerDAO's DAI dipped a bit to $136 billion. September had $141.2 billion.
Other stablecoins filled the rest. Their shares were smaller but still matter.
The full stablecoin market kept growing too. DeFiLlama reports a total cap of $307.58 billion. Ethereum stablecoins make up $165.23 billion. That's 53.7% of the whole market. It boosts Ethereum's role in blockchain money matters.
Token Terminal data shows Ethereum stablecoin supply now over $184 billion. That's more than $100 billion added since January 2024. Transfers keep rising. Stablecoin speed picks up too. This means more action on the network.
Cash moves in tough market times.
Vincent Liu, top investor at Kronos Research, says the stablecoin boom shows traders playing it safe as big coins drop. He notes many hold cash in stablecoins to buy low during dips. These coins block wild swings and offer quick yields while waiting for chances.
The stablecoin rise came as the market cooled off after hot runs. Bitcoin lost over 12% in the past month. It sits at about $107,390 now, down another 3% in 24 hours. Ethereum fell more than 17%. It trades near $3,710 after a 4% drop today.
This pullback pushes traders to safer spots. Many pick stablecoins as steady choices. Yields in DeFi apps stay tempting.
Fresh pushes for stablecoin gains.
Min Jung from Presto Research says stablecoins stand out as lively parts of crypto lately. She links the jump to events like Circle's upcoming IPO and the Genius Act. These bring better rules for stablecoins.
Jung points to yield farming with liquid tokens drawing more traders for better payouts. New stablecoins with smart features pull in folks wanting varied earnings in DeFi.
All this sets up stablecoins to grow strong. Traders want steady returns and safety in shaky times. Ethereum shines again for quick liquidity, smooth transfers, and new ideas in digital money.