Ethereum processed more than $8 trillion in stablecoin transfers during the fourth quarter of 2025, marking a new all-time high and nearly doubling volumes recorded in the second quarter, according to data from Token Terminal. The surge reflects accelerating on-chain payment activity as stablecoins increasingly function as settlement instruments rather than speculative tools. Analysts view the trend as evidence of Ethereum’s growing integration into global financial flows.
Stablecoin issuance on Ethereum also expanded sharply during the year, rising about 43% to approximately $181 billion by the end of 2025, based on industry estimates. Growth was supported by increased use of dollar-pegged tokens in cross-border payments, trading, and treasury operations. While alternative blockchains compete on speed and cost, Ethereum continues to capture the bulk of high-value stablecoin activity.
Network Activity Reaches New Highs
The rise in stablecoin transfers coincided with record network usage. Daily transactions on Ethereum peaked at more than 2.2 million in late December, representing a nearly 50% increase from a year earlier. Monthly active addresses also reached a new high of about 10.4 million, signaling broader participation across applications and user segments.
The increase in both sender and receiver activity suggests that growth was not concentrated among a small number of large transactions. Instead, it reflects expanding use across payments, decentralized finance, and enterprise-related flows. Infrastructure upgrades and fee optimizations implemented over the past year have helped support higher throughput without materially disrupting network stability.
Institutional and Competitive Context
Ethereum’s dominance remains especially pronounced in real-world asset tokenization. The network accounts for roughly 65% of on-chain RWA value, a share that rises above 70% when including Ethereum-compatible layer-2 networks. This positioning has reinforced Ethereum’s appeal to financial institutions experimenting with tokenized funds, bonds, and settlement systems.
In the stablecoin market, Ethereum holds about 57% of total issuance, ahead of Tron, which accounts for roughly 27%. Tether remains the largest issuer globally, with more than half of its supply residing on Ethereum. Institutional adoption, including pilots tied to payments and collateral settlement, continues to favor Ethereum due to its liquidity depth and established developer ecosystem.
The fourth-quarter surge highlights a structural shift in how blockchain networks are used. Rather than chasing short-term trading cycles, Ethereum is increasingly functioning as financial infrastructure. As regulatory clarity improves and tokenized assets expand, market participants expect stablecoin activity to remain a key driver of network demand.
