Ethereum's on-chain stablecoin volume has hit a record $1.46 trillion, more than doubling from $650 billion earlier this year, showcasing strong demand in DeFi. DAI, with $960 billion in volume, is leading the charge, though it ranks behind USDT and USDC when filtered for potential wash trading. PYUSD has also seen significant growth, reaching $2.4 billion, boosted by PayPal's incentives. Stablecoins like USDC and USDT remain essential for DeFi infrastructure, fueling deeper liquidity pools and market efficiency. Source: The Block