After months of largely stagnant activity, Ethereum’s total monthly stablecoin trading volume has increased for the past three consecutive months, reaching record volume in April.
There is an important caveat to this data point. Instant loan activity is counted and not filtered. Even without flash lending activity, stablecoin trading volume still had a solid month. FDUSD
+0.053%
its Filtered stablecoin trading volume was slightly below March levels, but it was the best month on record.
However, when we include flash lending activity in the data, we see that stablecoin trading volume had a record month thanks to one stablecoin in particular. 
die
+0.018%
. DAI is being used more and more. Complex MEV transactions, previously reported by The Block, often involve flash loans where a significant portion of DAI is minted and returned in a single transaction. One of these transactions reached nearly $1 billion in DAI volume alone.
DAI’s trading volume in April was $636 billion, accounting for the majority of the total on-chain trading volume for Ethereum stablecoins, which reached nearly $1.2 trillion for the month. DAI’s April trading volume also increased more than three times the total trading volume in March.
According to data from The Block, DAI’s supply has also grown, with approximately $1 billion worth of tokens added since March 7, reaching a total current supply of 5.44 billion. While trading volumes for other stablecoins also increased, DAI slightly increased its share of total stablecoin supply during the period.
May could be another important month for DAI. According to MakerBurn, DAI supply has increased by $220 million since May 1st. However, competitors such as Ethena’s USDe and Ripple’s upcoming stablecoin could complicate DAI’s supply issues in the future.
DAI price rises despite increased trading volume maker 
MSEK
+0.65%
the token of MakerDAO, the organization behind DAI, rose slightly in early May after falling significantly in April.
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