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26 July 2021

Cointelegraph Consulting: Stablecoin activity drops after May peak

Cointelegraph Consulting: Stablecoin activity drops after May peak


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Rather, institutional users seem to prefer using MakerDAO’s DAI, even though USDT has exceeded DAI’s total number of transactions and total trading volume by a long shot.

Data from Covalent shows that DAI's average transaction value was $50,000 at its peak in May, which was the highest swap value of all stablecoins.

In contrast, Tether seems to be the top choice of smaller retail accounts, with its average transaction value of $6,600.

dollar stablecoin that pales in comparison to Tether and USDC's volume, but outshines the two, much like DAI, in average transaction value.

However, USDC outpaces Tether by average swap size of around 33%, which provides USD Coin an advantage by the total swap value.

With an average transaction volume of several thousand dollars, Ethereum's ever-growing transaction fees do not seem to be a problem.

However, as stablecoins garner mainstream adoption and the average stablecoin transaction volume decreases, users may look to more affordable stablecoin blockchains.

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