According to the source, USDT usage on Ethereum reached an all-time high with monthly transfer volume of $532.3B and 11.2M transfers, indicating heightened stablecoin throughput that traders track for liquidity conditions, according to the source. Traders can validate on-chain activity via the USDT ERC-20 token tracker, which reports transfer counts, active addresses, and holder distribution, according to Etherscan. Stablecoin transfer growth is associated with rising spot and derivatives volumes and improved market depth across exchanges, according to Kaiko research. Deeper stablecoin pools typically reduce price impact and slippage on DEX routes such as Uniswap v2/v3 when executing large orders, according to Uniswap Labs documentation. Network-wide transfer spikes often coincide with higher transaction fees and longer confirmation times, which traders should factor into execution timing, according to Etherscan Gas Tracker.