Stablecoins have been one of the popular topics of discussion in the crypto community in recent times. In bear markets like the one, we're currently experiencing investors seek to hedge their portfolios against volatility so they convert assets to fiat-pegged stablecoins.
The mechanisms behind how different types of stables maintain their peg came under scrutiny when $UST, an algorithmic stablecoin suffered a death-spiral attack on May 11. $UST has since lost its peg. This led many $UST holders to find other stablecoins to buy into.
So we want to look at the volume of stablecoins (DAI, USDC, and USDT) over the past 2 weeks and see how they compare. In the chart below, you can observe DAI, USDC, and USDT's volume on Ethereum since May 1, 2022.
As you can see, trading volume began rising for USDC on May 9, followed by USDT on May 10, and DAI on May 11, 2022, respectively. Although DAI saw an all-time high volume on May 12, of 10.3B USD, it was no match for USDT's 32.9B USD and USDC's 43.1B USDC. USDC is the king of stables, by volume.