- Stablecoin transfers on Ethereum surged as real payment activity accelerated
- Ethereum network usage climbed sharply alongside record stablecoin transaction volumes
- Rising addresses and issuance data signaled deeper on-chain financial adoption
Ethereum recorded a major rise in stablecoin usage after transfer volumes exceeded $8T in the fourth quarter, according to Token Terminal, highlighting stronger on-chain settlement demand as stablecoins gain relevance in everyday financial activity. Notably, the reported figure almost doubled from just over $4T in the second quarter, according to Token Terminal’s chart, suggesting growing confidence in Ethereum as a reliable settlement layer for large-value transactions.
At the same time, stablecoin issuance on Ethereum expanded steadily across the year, with BlockWorks reporting total issuance grew by about 43% from $127B to $181B by year-end. Market participants pointed to usage patterns as evidence of structural adoption, as X user BMNR Bullz said the volumes reflect real global payments happening directly on-chain.
They added that this growth is occurring before institutional payment rails and large-scale RWA frameworks fully launch, consequently emphasizing that infrastructure readiness is no longer the limiting factor for adoption. Network-wide activity also strengthened alongside stablecoin growth, with Etherscan data showing Ethereum daily transactions reached a peak of 2.23M toward the end of December.
Moreover, daily transaction counts remain up 48% compared with the same period last year, reflecting sustained usage rather than temporary spikes driven by market volatility.
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Address Activity Signals Broader Network Engagement
User participation across Ethereum reached new highs during the same period, as Token Terminal reported active monthly addresses climbed to a record 10.4M in December. Additionally, the number of unique daily active addresses surpassed 1M near month-end, with these addresses acting as senders or receivers across the network.
Such growth suggests broader adoption beyond a narrow group of large holders, as retail users, protocols, and enterprises appear increasingly active. The rise in address activity also aligns closely with expanding stablecoin circulation, since higher address counts typically support deeper liquidity and more frequent settlement cycles.
Ethereum Maintains Lead in Stablecoins and RWA Settlement
Ethereum continues to dominate stablecoin settlement and real-world asset tokenization across public blockchains, controlling about 65% of on-chain RWA value, estimated near $19B, according to RWA.xyz. That share rises above 70% when Ethereum layer-2 and other EVM-compatible networks are included, reinforcing Ethereum’s role as the base layer for tokenized assets.
Stablecoin market share data further supports this position, with Ethereum accounting for roughly 57% of all issued stablecoins, while Tron follows with about 27%. Tether remains the largest issuer across networks, with USDT supply near $187B, and more than half of that supply exists on Ethereum, strengthening liquidity and settlement efficiency.
Overall, record stablecoin transfers and rising activity metrics point to deeper integration of Ethereum in digital finance, reflecting steady growth driven by usage demand rather than speculative cycles.
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