Ethereum Handled $8 Trillion In Stablecoin Volume During Q4, Breaking Records

Stablecoin transfer volume on Ethereum surged to a record $8 trillion in the fourth quarter of 2025, according to Token Terminal. The figure nearly doubled from just over $4 trillion recorded in the second quarter, indicating Ethereum's growing role as a settlement layer for digital dollars.

Stablecoin issuance on Ethereum increased by around 43% in 2025, rising from $127 billion to $181 billion by year-end, per BlockWorks data. This growth reflects broader industry adoption and the increasing use of stablecoins as a tool for payments rather than speculative trading.

Ethereum's total daily transactions hit a record 2.23 million in late December 2025, a 48% increase compared with the same period a year earlier, according to Etherscan. Monthly active addresses on the network also reached an all-time high of 10.4 million.

Why Did This Happen?

The surge in stablecoin usage on Ethereum coincided with a notable expansion in stablecoin supply on the network. Data from BlockWorks shows stablecoin issuance on Ethereum rose from $127 billion to $181 billion in 2025.

Industry analysts and commentators have attributed the growth to Ethereum's role as a global settlement layer for digital payments. One analyst described the trend as "global payments happening on-chain," highlighting the infrastructure already in place for mainstream adoption.

How Did Markets React?

The rise in Ethereum's network activity is not limited to stablecoin transfers. Daily transaction volume reached a record 2.23 million, and the number of unique addresses sending or receiving transactions topped one million.

Ethereum's dominance extends beyond stablecoin transfers. The network accounts for around 65% of total on-chain RWA value, estimated at $19 billion, according to RWA.xyz. When layer-2 and other EVM-compatible networks are included, Ethereum's market share rises above 70%.

In the stablecoin market, Ethereum holds a 57% share of all stablecoins issued, with the Tron network in second place with 27%. Tether (USDT), the largest stablecoin issuer, has $187 billion in circulation, more than half of which resides on Ethereum.

What Are Analysts Watching Next?

Ethereum's dominance in stablecoin and RWA tokenization has not gone unnoticed. Market participants are watching how institutional integrations and broader tokenization solutions develop in 2026. One analyst noted that "the rails are already built. Adoption is catching up," suggesting continued growth.

The recent Fusaka upgrade, introduced in December 2025, has also been credited with boosting address growth and reducing the cost of data posting to the Ethereum network. This has improved scalability and made interactions cheaper for users and applications.

With rising address creation and expanding real-world use cases, Ethereum is experiencing its strongest onboarding momentum in over a year. This trend has historically preceded increases in transaction volume and liquidity depth, suggesting a positive outlook for the network's future.

Ethereum's price has begun to reflect these fundamentals, with ETH recently reclaiming the $3,200 level. However, on-chain data indicates potential resistance, with a large cohort of investors near break-even who could add selling pressure if prices continue to rise.

As 2026 begins, market participants are watching whether the elevated wallet growth translates into sustained transaction demand and Layer 2 usage. For now, the data points to Ethereum experiencing robust growth driven by protocol upgrades and expanding real-world use cases.