On-chain stablecoin volume surpasses $360 billion for February

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

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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. 

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.