Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. Stablecoins may be pegged to a currency like the U.S. dollar. The on-chain volume of stablecoins shows the summed USD value of all transfers on the Ethereum blockchain, grouped by token. 

The transaction volume in this chart includes flashloan transactions. For filtered Ethereum stablecoin transaction volumes, visit Ethereum Filtered On-chain Volume of Stablecoins.