6 months ago
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USDT, USDC, and DAI have accumulated over $1.3 trillion over the last 30 days in trading volume on EVM-compatible chains alone.
The three largest stablecoins by market cap have processed over $1.3 trillion in transactions in dollar terms in the past 30 days. According to data from an on-chain specialist at analysis platform Nansen, this is more than Visa’s monthly average in 2023, which was $1.2 trillion.
Tether USD (USDT), the largest stablecoin by market cap, processed $654 billion in transactions in the last 30 days, while over $394 billion was transacted using MakerDAO’s DAI. USD Coin (USDC) got third place, reporting $321 billion in trading volume during the same period.
Image: NansenVisa reported $12.3 trillion in payment volume last year, which puts its monthly average at $1.2 trillion. However, Nansen data only tracks stablecoin trading volume for networks compatible with the Ethereum Virtual Machine (EVM). Therefore, the stablecoin trading volume for the past 30 days could be higher, since it doesn’t account for blockchains such as Solana.
The total market cap of the five largest stablecoins on EVM-compatible chains nears $83 billion, with a $1.5 billion increase over the past 30 days. Moreover, investors labeled as “smart money” by Nansen have been growing their stablecoin holdings since April 8, as the proportion of these assets in their wallets grew from 4.1% to 5.3% at the time of writing.
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