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.