Ethereum broke a monthly stablecoin trading volume record in April following the emergence of one notable contributor. In fact, last month's network volume increased significantly more than any previous blockchain month.
In April, Ethereum's monthly stablecoin trading volume reached an astonishing $1.12 trillion. Furthermore, a large portion of that breakthrough number was due to DAI, and DAI’s participation in MEV transactions accounted for a large portion of the surge in trading volumes that Ethereum enjoyed.
Also read: Ethereum (ETH) wallet wakes up after 8 years and holds $5.9 million
Ethereum’s $1.2 billion stablecoin issuance in April is a new record
The digital asset market sees a lot of potential in the ever-growing stablecoin market. In fact, these cryptocurrencies are backed by real assets, usually fiat currencies such as the US dollar. Moreover, their prevalence in the industry is undeniable.
However, with Ethereum breaking the monthly stablecoin transaction volume record in April, its adoption seems only to increase. This record-breaking month was linked to the presence of flash loan activity, which led to the jump in numbers, according to data from The Block.
Also read: Ripple surge after stablecoin announcement: Could XRP reach $1?
According to the data, DAI’s involvement was a major catalyst for the surge in Ethereum trading volume. Data shows that a single transaction alone increased his trading volume by nearly $1 billion.
DAI was responsible for $636 billion in trading volume in April. This is undoubtedly the leading stablecoin in Ethereum's total on-chain volume, which reached $1.2 trillion for the first time.
Moreover, these numbers are expected to continue to be impressive heading into May. Not only was DAI impressive, but future stablecoins will be important in the market's growth trajectory.
