Stablecoin volume on Ethereum broke records in April

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Stablecoin volume on Ethereum last month was higher than any previous month, with stablecoin Dai accounting for the majority of total volume.

After months of nearly flat performance, total monthly stablecoin volume on Ethereum has increased consistently over the past three months, peaking and breaking a volume record in April.

This data includes counted flash loan activities, rather than filtering out the regular data. Without flash loan activity, stablecoin volumes still had a solid month, seeing FDUSD's best month on record, although stablecoin volumes excluding flash loans were slightly lower than March levels.

But factoring in flash loan activity in the data shows a record-breaking month for stablecoin volumes, especially thanks to stablecoin Dai being heavily used in complex MEV (Maximal Extractable Value) transactions. MEV transactions often involve Flash Loan, where a large portion of Dai is Mint and returned in one transaction. One such transaction alone added nearly a billion USD in Dai volume.

Dai volume in April reached $636 billion, accounting for the majority of the nearly $1.2 trillion total volume of stablecoins on the Ethereum chain in the same month. Dai 's April volume also more than tripled the total volume in March.

Dai 's supply has also grown in parallel, adding approximately $1 billion worth of Token since March 7, to reach a total circulating supply of 5.44 billion. While other stablecoins also increased in number, Dai slightly increased its share of the total stablecoin supply during that time period.

May could be another important month for Dai. According to MakerBurn , since May 1, Dai supply has increased by $220 million. However, competitors such as ENA's USDe and Ripple's upcoming stablecoin could further complicate matters for Dai 's future supply.

Despite the increase in Dai volume, the price of MKR (the Token of MakerDAO, the organization behind Dai) largely declined in April before seeing a slight increase in early May.

VIC Crypto compiled

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