TechFlow news, according to The Block, as of September 10, 2024, stablecoin transaction volume on the Ethereum blockchain reached a record high of $1.46 trillion, more than doubling from $650 billion at the beginning of the year. Decentralized stablecoin DAI led with $960 billion in transaction volume, although actual rankings may place it below USDT and USDC when considering potential wash trading activities. PayPal's PYUSD stablecoin performed notably, with transaction volume increasing from $500 million to $2.4 billion, indicating traditional financial giants are actively exploring the cryptocurrency space. USDC and USDT continue to maintain their market positions, providing infrastructure support for the DeFi ecosystem.
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