Stablecoin trading volume experienced a huge spike in August, increasing by 33%.
The total trading volume of stablecoins hit an all-time high of $866.2 billion.
Stablecoin Transaction Volume Reached ATH
Stablecoin volume has risen to $866.2 billion, setting a new ATH level, according to The Block Research. Last month’s volume stood at $655.2 billion. This indicates an increase of 33%.
This rise in stablecoin volume is likely related to the US Treasury’s enforcement of Tornado Cash.
Tornado Cash is a crypto mixing service that allows users to hide transaction details. The US Treasury Department announced sanctions on Tornado Cash in August and included 44 associated Ethereum and USDC wallets on its Specially Designated Citizens (SDN) list.
The Treasury took such a decision, arguing that hackers were laundering money using Tornado Cash. The Treasury official stated that this would not be the last action against Tornado Cash.
With the sanctions, trading volumes in DAI, USDC and USDT increased significantly. The trading volume of all other stablecoins decreased. Again, the most important reason for this is seen as Tornado Cash.
