Monthly USD-pegged stablecoin volumes in April fell just short of beating the previous month despite First Digital USD having its best month on record.
Ethena’s USDe stablecoin has also been gaining momentum and crossed the $2 billion supply mark in early April, less than two months after its public launch in February. USDe volumes closed April above $13 billion, in on-chain volume, according to The Block Data Dashboard. "We've used USDC before there's nothing wrong with it. It's just, you don't want to have only one option," Ripple Chief Technology Officer David Schwartz said at the time. He said Ripple mostly steers clear of USDT due to regulatory concerns.Gartner web3 analyst Avivah Litan points out that even during crypto's prolonged downturn following the collapse of cryptocurrency exchange FTX, stablecoin volumes remained fairly steady.
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