Stablecoins • February 28, 2021, 10:40AM EST
UPDATED: February 27, 2021, 9:34PM EST

On-chain stablecoin volume surpasses $360 billion for February

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The Block

The adjusted, monthly on-chain stablecoin volume hit a new high in February, rising above $360 billion for the first time.

As expected, the volume figures were dominated by Tether (USDT). USDT saw 63.5% of the volume, with 18.7% going to USD Coin (USDC) and 9.6% to DAI. 

USDT also saw its most-ever volume of $232 billion in February.  The stablecoin surpassed $30 billion by market cap on February 10, suggesting more than 30 billion USDT currently in circulation.