According to The Block, Ethereum's on-chain stablecoin trading volume has reached an all-time high of $1.46 trillion, more than doubling from $650 billion at the start of the year. Among them, the decentralized stablecoin DAI led with $960 billion in transaction volume. However, after data cleaning and filtering, DAI's transaction volume lagged behind USDT and USDC, indicating that there may be fake transactions and a large number of transfers. According to the report, the growth in stablecoin usage is more likely to indicate a maturing ecosystem. The higher the volume of stablecoins, the deeper the liquidity pool, the fewer slippages, and the higher the overall efficiency of the market.