Adjusted stablecoin trading volume soared in August, with adjusted stablecoin on-chain volume up 32.9%, from $655.2 billion in August to an all-time high of $866.2 billion.
According to the report, the increase could be attributed to the U.S. Treasury Department’s sanctions on Tornado Cash.
After the sanctions, the velocity of the stablecoins DAI, USDC, and USDT increased while all other stablecoins decreased. Block Research again largely attributed this to the Tornado Cash sanctions.