According to public data, since February 5th this year, the total supply of stablecoins has increased by 69.4% to $9.62 billion from $5.68 billion,
Among them, USDT issued by Omni still exceeds $1 billion, reaching $1.25 billion. Ethereum based USDT broke through a record high, exceeding $5.6 billion. Cumulatively, in the past two months, the total market value of stablecoins on Ethereum has risen from $3.5 billion to more than $7 billion, Similarly, the USDT issued by TRON also reached a record high, reaching $1.1 billion – exceeding the total market value of TRON token of around $1 billion.
It is worth noting that in addition to USDT, stablecoins such as USDC and PAX are also seeing their peak since issuance.
It’s likely that these said stablecoin activities have been boosting Ethereum transactions to its recent high since July 2019. According to Coin Metrics data, on April 30, the 7-day moving average of the total number of confirmed transactions on the Ethereum blockchain rose to 845,400, the highest level since July 1, 2019, and a jump of 72% from the 12 month low in February. As of Sunday, the average was 837,100.