Data: In October, the trading volume of stablecoins on Ethereum reached $2.82 trillion, setting a new historical record

According to data from The Block, the trading volume of stablecoins on Ethereum reached $2.82 trillion in October 2025, setting a new historical high, with a month-on-month increase of 45%. Circle's USDC led with $1.62 trillion, followed by USDT with $895.5 billion, while MakerDAO's DAI ranked third with $13.6 billion.

Analysts pointed out that during the pullback in the crypto market (with Bitcoin down 11.5% and Ethereum down 16.4% for the month), traders actively sought profit opportunities and managed liquidity in preparation for buying assets at lower prices. As a result, stablecoin issuers became a major source of revenue in crypto protocols, accounting for 65%-70% of total daily revenue.