In May, activity among holders of stabelcoins deployed on ethereum declined sharply due to high transaction fees. Users switched en masse to the Solana and Polygon blockchains, which offer lower fees, according to The Block.
According to experts, this month’s amount of ETH-based stabelcoin transactions will be the lowest since December 2020.
For example, USDC turnover in the last three weeks was only $73.1 billion, while in April it exceeded $158.9 billion. A similar situation is observed with Tether (USDT). While in April investors sold $110.6 billion in deals, in May this volume dropped below $69 billion.