Stable Currency On-Chain Trading Volume Soars in March

According to reports, according to The Block Pro data, the stable currency on chain trading volume after adjustment in March increased to $823.2 billion, an increase of 47.5%; However, the supply of issued stable currency has slightly shrunk to $125.6 billion, a decrease of approximately 2.3%. Among them, the market share of USD stable currency USDT has increased to 64.1%, while the market share of USDC has decreased significantly, to 24.6%. In addition, after the adjustment in March, the total transaction volume on the Bitcoin and Ethereum chains increased by 48.8% to $255 billion, of which the transaction volume on the Bitcoin chain increased by 48.3% and the transaction volume on the Ethereum chain increased by 62.7%.

After adjusting in March, the trading volume on the stable currency chain reached $823.2 billion, up 47.5%

As per The Block Pro’s data, stable currency on-chain trading volume reached $823.2 billion in March, up by 47.5% from the previous month. However, the amount of issued stable currency has reduced by approximately 2.3% to $125.6 billion. Amidst this, USDT’s market share rose to 64.1%, and USDC’s declined significantly to 24.6%. Meanwhile, the total transaction volume on Bitcoin and Ethereum chains increased by 48.8% to $255 billion, with Bitcoin’s transaction volume rising by 48.3%, and Ethereum’s transaction volume increasing by 62.7%.

The Rise of Stable Currency Trading Volume

In March, stable currency on-chain trading volume witnessed a staggering growth of 47.5%, reaching $823.2 billion. The reason behind this rise is believed to be the surging volatility in the cryptocurrency market. Investors tend to opt for stable currencies as they offer stability and reduce the chances of negative returns. Moreover, the rapid rise of decentralized platforms has also contributed to the growth in stable currency trading volume.

Slight Reduction of Issued Stable Currency

Despite the growth in trade volume, the amount of issued stable currency has slightly shrunk, witnessing a 2.3% decline to $125.6 billion. The reason behind this decline may be the fluctuation in the USD’s value, as most stable currencies are USD-backed. Nonetheless, the availability of stable currencies on the market remains steady, providing investors with a safe haven amidst the current market volatility.

USDT’s Market Share Increases

As per the data, USDT’s market share rose to 64.1% in March, indicating that the currency has become increasingly popular among investors. USDT’s market share reflects its stability and consistency in the market. Meanwhile, USDC’s market share has declined significantly to 24.6%. However, USDC’s value remains stable, with several enterprises adopting it as a preferred stable currency.

Increase in Total Transaction Volume

The total transaction volume on Bitcoin and Ethereum chains increased by 48.8% to $255 billion in March. Bitcoin witnessed a 48.3% increase in transaction volume, while Ethereum registered a massive 62.7% rise. The reason behind this growth is believed to be the global market volatility, which has led investors to seek refuge in cryptocurrencies. The rise in trading volume signifies the continued growth of decentralized platforms and cryptocurrencies’ potential to transform the future of the financial system.

Conclusion

In summary, the on-chain stable currency trading volume saw a significant rise in March, providing investors with stability amidst rising market volatility. The slight decline in issued stable currency may be attributed to the fluctuating USD value. However, USDT’s and USDC’s market share reflects their popularity and stability in the market. Meanwhile, the growth in total transaction volume on Bitcoin and Ethereum chains signifies the continued growth of cryptocurrencies and decentralized platforms.

FAQs

1. What is stable currency on-chain trading volume?
Stable currency on-chain trading volume refers to the total amount of stable currency transactions that occur on a blockchain.
2. Why has the stable currency trading volume risen?
The rise in stable currency trading volume can be attributed to the surge in market volatility and the rise of decentralized platforms.
3. Which stable currency witnessed the highest surge in market share?
As per the report, USDT’s market share rose to 64.1% in March, reflecting its increasing popularity among investors.