Ethereum's stablecoin on-chain transaction volume soared to a record $2.82 trillion in October, marking a 45% increase from the previous month. USDC led the surge with $1.62 trillion in transactions, while USDT followed with $895.5 billion. DAI, however, experienced a decline to $136 billion. The rise in stablecoin activity is attributed to traders seeking liquidity management and yield strategies amid market volatility. Stablecoin issuers significantly contributed to crypto protocols' revenue, accounting for 65%-70% of daily earnings, mainly from interest on low-risk assets like US Treasury bonds. Meanwhile, Bitcoin and Ethereum prices dropped by 11.5% and 16.4% respectively during the same period.