The Ethereum network recorded a significant surge in stablecoin activity during the final quarter of 2025,…

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The Ethereum network recorded a significant surge in stablecoin activity during the final quarter of 2025, with transfer volumes exceeding $8 trillion, a milestone reported by Token Terminal. This achievement represents a substantial increase in network utility, nearly doubling the figures recorded during the second quarter of the same year when transfer volumes sat at just over $4 trillion. This growth in volume aligns with a broader trend of increased asset issuance on the blockchain throughout 2025, marking a distinct shift in the scale of digital asset movement occurring on the platform.

Specifically, stablecoin issuance on the Ethereum network grew by approximately 43% over the course of the year, according to data from BlockWorks. The total value of issued stablecoins rose from $127 billion at the start of the year to $181 billion by the end of December. This expansion of the monetary base on-chain has been accompanied by a marked rise in user engagement and network throughput. By late December, Ethereum daily transactions reached 2.23 million, contributing to a 48% increase compared to the same period in the previous year, as recorded on Etherscan.

Furthermore, the network achieved a new all-time high in terms of user reach, with active monthly addresses peaking at 10.4 million in December. These metrics underscore the network’s role as a primary infrastructure for digital asset movement and settlement as the year concluded. The combination of record-breaking transfer volumes and an expanding user base highlights the intensive level of economic activity concentrated on the network. The figures reflect a year of significant scaling in both the volume of assets held and the frequency with which they are transacted across the global ledger.

Context

Ethereum maintains a dominant position as the primary settlement layer for both stablecoins and the emerging sector of real-world asset (RWA) tokenization. Currently, the network accounts for approximately 65% of the total on-chain value of real-world assets, a market that is estimated by RWA.xyz to be worth around $19 billion globally. This leadership position suggests that institutional and retail participants continue to favor the Ethereum mainnet for high-value settlement and asset representation, reinforcing its status as the foundational layer for decentralized finance and asset management.

When the scope is expanded to include Ethereum Layer-2 solutions and compatible Ethereum Virtual Machine (EVM) networks, the ecosystem’s market share of RWA on-chain value increases to over 70%. This indicates that the broader Ethereum infrastructure is successfully capturing the vast majority of tokenized asset activity, providing a diverse range of environments for asset issuance and management while maintaining core settlement on the primary layer. The ecosystem’s ability to retain such a high percentage of the RWA market highlights its competitive advantage in security and liquidity.

In the specific niche of stablecoin issuance, Ethereum currently holds a 57% market share of all such assets issued across the industry. This dominance is further emphasized by its role in hosting a significant portion of the market’s leading assets, reinforcing the network’s status as the foundational layer for global digital payments. While other networks compete for a share of this market, the consolidated liquidity and established infrastructure of the Ethereum ecosystem remain central to the current digital asset landscape, providing the necessary depth for multi-trillion dollar transfer volumes.

Impact

The impact of Ethereum’s growth is best understood through the lens of the competitive landscape within the stablecoin market. While Ethereum leads with a 57% share of issued stablecoins, the Tron network occupies the second position, holding a 27% share. This distribution highlights the concentration of stablecoin activity across a small number of major blockchain protocols, with Ethereum remaining the clear leader in terms of total value and issuance volume despite the presence of established competitors in the space.

A significant factor in these figures is the continued dominance of Tether (USDT), which remains the overall market leader in issuance. Tether’s total issuance has reached $187 billion, a figure that equates to approximately 60% of the entire global stablecoin market. A substantial portion of this issuance—specifically more than half of the total USDT supply—is hosted directly on the Ethereum network. This concentration of such a large percentage of the market’s most liquid stablecoin on Ethereum further cements the network’s role in global finance and its impact on market liquidity.

The interaction between Tether’s market-leading issuance and Ethereum’s settlement capabilities creates a powerful environment for on-chain economic activity. As stablecoin transfer volumes reached record highs in the fourth quarter, the synergy between the network’s infrastructure and the assets it hosts became increasingly evident. The data shows that the majority of stablecoin value is not only issued on Ethereum but is also being utilized at a scale that necessitates robust settlement layers. This concentration of market share underscores the influence Ethereum exerts over the stability and movement of digital dollars worldwide.

Outlook

The data from late 2025 suggests a trajectory of sustained growth for the Ethereum network as it continues to expand its role in the global financial system. The 48% year-over-year increase in daily transactions indicates a strengthening of network demand that persisted throughout the year, reflecting a maturing ecosystem. As the network approached the end of December, hitting a peak of 2.23 million daily transactions, it demonstrated a consistent ability to handle high-frequency activity even as transfer volumes reached unprecedented levels in the trillions of dollars. This growth in transaction density points toward a more active and utilized network infrastructure that is increasingly integral to on-chain commerce.

User adoption trends also point toward a broadening participant base that shows no signs of slowing. The achievement of an all-time high of 10.4 million active monthly addresses in December provides a clear metric for the network’s expanding reach across the globe. This level of user engagement suggests that the infrastructure is supporting a wider variety of use cases and a larger number of individual participants than in previous years, establishing a new baseline for monthly activity. The consistent rise in unique address interaction supports the view of an expanding digital economy where Ethereum serves as a central hub.

Looking at the historical progression within 2025, the doubling of transfer volumes from the second quarter to the fourth quarter—rising from over $4 trillion to over $8 trillion—illustrates the rapid acceleration of on-chain economic activity. As issuance continues to grow, having risen 43% within the year to reach $181 billion, the network’s capacity to facilitate global payments and settle high-value assets appears to be scaling in line with demand. The persistence of these trends into the final weeks of the year sets a strong foundation for the network’s performance as it enters subsequent cycles of development.