1/ Stablecoin-to-stablecoin volume on Ethereum hit an all-time high of $59.8B in August, making it the leading chain by DEX volume for the month.
Unlike long tail assets driving other L1s, Ethereum's resurgence is anchored in stablecoin activity, revealing a structural shift.
2/ Ethereum holds ~54% of total stablecoin supply, but the more striking trend is the rise of stableswaps, growing from 19.92% in January to 41.95% of total DEX volume in August. In total, 67.7% of all DEX activity last month involved at least one stablecoin.
3/ Besides Celo, no other chain came close to Ethereum's stablecoin-to-stablecoin DEX concentration.
BNB remains < 20% for stable swaps as a share of volume, while Solana & Base sit < ~3.5%
Ethereum did ~70% of all stablecoin swap volume across all chains for the last 90 days
4/ So what’s driving this? We can see that the majority of this activity is USDC/USDT, accounting for roughly ~70%+ of weekly volume.
5/ On the other hand, the biggest benefactors for this have been Fluid and Uniswap. Notably, Fluid has seen its weekly market share for stableswap volume increase from <3% at the beginning of the year to now roughly 34%, comparable to Uniswap.
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