After months of largely flat activity, total monthly stablecoin volume on Ethereum has increased for the past three months in a row, culminating in a record-breaking month for volumes in April.  

This data point comes with an important caveat: flash loan activity is counted, rather than filtered out. Without flash loan activity, stablecoin volume still had a solid month, which saw FDUSD have its best month on record, though the filtered stablecoin volume came in slightly below March's level. 

But including flash loan activity in the data shows a record-breaking month for stablecoin volume, thanks to one stablecoin in particular: DAI. DAI has increasingly been used in complex MEV transactions, The Block previously reported, often involving flash loans, where a large …