Stablecoin Growth Knocks Silvergate Exchange Network Volume Over $100B

All-time transaction volume on the Silvergate Exchange Network (SEN) has reached $100 billion, with SEN transactions correlated to bitcoin and stablecoin trading. In general the bank sees more SEN transactions when there is bitcoin volatility, but SEN transactions have increased while volatility has been down because of increased SEN adoption.

Silvergate has also seen a correlation between SEN transactions and decentralized finance (DeFi) adoption as it’s the transactional bank for all of the U.S. regulated stablecoins such as USDC and PAX, Lane added. The SEN has allowed Silvergate to be one of the few American banks to offer its customers a transaction API.

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