Stablecoin Adjusted Transaction Volume Soars in August It hit a record high of $866.2 billion.
According to The Block Research, the transaction volume of the coinStable Coin (stablecoins) in August 2022, it rose 32.9 percent from $655.2 billion to a record $866.2 billion, the increase likely due to the Tornado Cash sanctions by the US Treasury.
After the boycott Stablecoins velocity, a measure of daily transaction volume divided by supply, to which the markedly increased stablecoins were DAI, USDC and USDT.
Other stablecoins, meanwhile, dropped, which The Block Research attributed to Tornado Cash sanctions as well.
