According to The Block report, in recent months, the demand for stablecoins in the cryptocurrency market has increased unprecedentedly. Since February 5 this year, the total supply of stable coins has increased from 5.68 billion US dollars to 9.62 billion US dollars, an increase of 69.4%. It is unclear whether the new supply comes from new demand, or whether users want to convert existing cryptocurrencies to stablecoins. So far, Tether is still the most popular stablecoin, currently accounting for more than 84% of the total stablecoin supply, and USDC and PAX account for 7.4% and 2.6%, respectively. In addition, the adjusted stablecoin transaction volume released by Coin Metrics hit a record high in March. In terms of turnover rate (measured by the ratio between supply and adjusted transaction volume), Dai has the highest turnover rate (over 12.6), followed by BUSD (7.9) and HUSD (5.2).