Ethereum stablecoin transaction volume hit a new high in April, with DAI accounting for about 54%

Ethereum’s on-chain stablecoin transaction volume hit a new high in April, but most of the transaction volume was contributed by the stablecoin DAI. DAI is increasingly used in complex MEV transactions, often involving flash loans, where a large portion of DAI is minted and returned in a single transaction. A single transaction on April 17 alone increased DAI transaction volume by nearly $1 billion. DAI’s transaction volume in April was $636.72 billion, accounting for about 54% of the total transaction volume of Ethereum stablecoins on the chain in April ($1.18 trillion). DAI’s transaction volume in April was more than three times that of March. According to data from The Block, DAI’s supply has also grown in tandem, adding about $1 billion worth of tokens since March 7, and the total supply currently reaches $5.44 billion. (The Block)