Ethereum-based stablecoin trading volume hits record high as institutions, Big Tech and even Trump get involved

On-chain stablecoin trading volume on the Ethereum network hit a record high of $908 billion in April.
On the 15th (local time), The Block reported various incentives, including active recruitment by institutions and the entry of big tech and the political sphere.
The report said the stablecoin market is once again in the spotlight due to the rapid development of the cryptocurrency. Ethereum-based USDC has seen a steady increase in trading volume over the past six months, reaching $500 billion.
Other stablecoins such as DAI and Sky's USDS have also seen a significant increase in trading volume, and the stablecoin ecosystem is rapidly diversifying.
This growth is reportedly driven in large part by the accelerated adoption of stablecoins by traditional businesses.
The company revealed that it is exploring integration options with other blockchain-based payment services, while Stripe revealed plans to expand support for stablecoins to strengthen its payment infrastructure.
Furthermore, the World Liberty Financial Corporation (WFL), led by former President Donald Trump,
The "Liberty Financial" project also had a major impact. The project issued its own stablecoin, USD1, which reached $2 billion in issuance in a short period of time.
Despite being a newcomer to the market, USD1 has become the seventh largest stablecoin by market capitalization. Fortune 100 companies are also using stablecoins for cross-border payments and the development of new services.
The company is actively considering the introduction of stablecoins. This is expected to lead to more and more companies issuing their own stablecoins or adopting existing stablecoins, which will help secure trading volume.
Competition is likely to intensify further, which will have a positive effect on users by lowering fees, but may also put pressure on the profitability of issuers.
This trend indicates that Ethereum remains firmly established as the core infrastructure for dollar-backed digital assets.
Despite ongoing challenges from blockchain and Layer 2 solutions, Ethereum remains the most preferred platform for stablecoin trading, TheBlock reported.