Stablecoins see drastic drop in Ethereum trading amid memecoin frenzy

Quick Take

  • The volume of Ethereum on-chain stablecoin trading this month on track to be the lowest since December, 2020.

The memecoin frenzy earlier this month -- which saw active bitcoin users plummet and users flock to Solana -- seems to be disrupting activity elsewhere, with the volume of Ethereum on-chain stablecoin trading this month on track to be the lowest since Dec. 2020.

On-chain trading of USDC has reached only $73.1 billion so far this month, less than half the $158.9 billion that changed hands in April, according to data from The Block.

Nearly $69 billion of Tether's USDT has changed so far this month, after seeing volume last month of $110.6 billion.