Ethereum (ETH) Stablecoin Transaction Volume Surges to $1.5 Trillion, Setting Record High
In the past 45 days, Ethereum (ETH), the leading smart contract platform, has facilitated nearly $1.5 trillion in stablecoin transactions. This surge in activity amidst a turbulent market in the third quarter of 2024 suggests a growing interest in the decentralized finance (DeFi) sector, according to insights from analyst Leon Waidmann of the Onchain Foundation.
The volume of stablecoin transfers on Ethereum (ETH) has surpassed previous highs from 2022, with transactions nearing the $1.5 trillion mark in recent weeks. This exponential growth has outpaced the records set in 2020, as highlighted by crypto researcher Leon Waidmann.
The resurgence in transaction volumes began in March 2023 after reaching peak levels in 2022 before facing setbacks in the Terra/Luna and FTX/Alameda ecosystems.
Based on data from CoinGecko, the combined market capitalization of stablecoins stands at approximately $171 billion, with U.S. Dollar Tether (USDT), USDC, and Dai (DAI) commanding over 90% of this market share.
Among stablecoins, Ethereum (ETH) plays a significant role as the second most utilized blockchain for USDT issuance after Tron (TRX). Of the total $118 billion USDT supply, more than $53 billion is circulated as ERC-20 tokens on the Ethereum (ETH) network.
Leon Waidmann emphasized Ethereum’s (ETH) achievement in reaching this milestone despite the lackluster market conditions in recent months.
Furthermore, Ethereum’s (ETH) second-layer ecosystem is witnessing a revival following a prolonged downturn. In early September, the total value locked (TVL) in Ethereum’s L2 solutions dipped to levels not seen since mid-February 2024 but has since rebounded, registering a 5.5% increase to $33.4 billion in the past week, according to L2Beat’s statistics.
The value of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has risen by 1.63% in the last 24 hours, with its price standing at $2,367 on major exchanges at the time of reporting.
