Definition. The share of Ethereum gas consumed by stablecoin transactions. Stablecoins are fungible tokens whose value is pegged to an off-chain asset, either by the issuer or by an algorithm. The category includes 150+ stablecoins, with USDT, USDC, UST, BUSD, and DAI the most prominent.

Interpretation. A rising share means dollar-rail activity outbid other categories for finite Ethereum blockspace, a falling share means it was outbid or contracted.