Ethereum stablecoin volume shattered its monthly record in April, thanks to DAI

Flash loans using DAI appear to have pushed Ethereum stablecoin volumes to their highest monthly levels seen yet.

After months of largely flat activity, total monthly stablecoin volume on Ethereum has increased for the past three months in a row, culminating in a record-breaking month for volumes in April.

But including flash loan activity in the data shows a record-breaking month for stablecoin volume, thanks to one stablecoin in particular: DAI. DAI has increasingly been used in complex MEV transactions, The Block previously reported, often involving flash loans, where a large portion of DAI is minted and returned in a single transaction. One such transaction added almost one billion dollars of DAI volume alone.

DAI's supply has also grown in tandem, adding around one billion dollars worth of tokens since Mar. 7, to reach a total current supply of 5.44 billion, according to The Block's data. While other stablecoins also increased in volume, DAI slightly increased its share of the total stablecoin supply over that period.

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