Ethereum stablecoin activity has reached unprecedented levels, with weekly unique senders surpassing the 1 million mark. This surge, observed over the past 12 months, signifies a remarkable shift in digital currency transactions on the Ethereum network.
Between January 2020 and July 2024, the average number of stablecoin senders per week hovered around 400,000. However, since August 2024, this figure has seen a consistent weekly increase of over 1.7%, setting new records along the way.
In 2025, Ethereum has witnessed an average of 720,000 unique stablecoin senders each week. Notably, in the last two weeks, this number has climbed beyond the 1 million threshold, showcasing the growing adoption of stablecoins.
Why the Ethereum Stablecoin Surge?
The rise in unique senders can largely be attributed to the widespread adoption of stablecoins. In countries facing currency instability or strict capital controls, stablecoins offer a reliable alternative by acting as a practical dollar. This has significantly contributed to their increased usage.
Additionally, many financial instruments and applications, including perpetual contracts, prediction markets, and real-world assets, rely on stablecoins for funding and settlement. As new applications and products emerge, they drive the creation of fresh addresses on the Ethereum network.
Ethereum: The Preferred Settlement Layer
Ethereum’s role as a primary Layer 1 settlement venue enables it to capture the onboarding, rebalancing, and payout flows associated with stablecoins. This has resulted in a substantial increase in unique senders.
With stablecoins becoming mainstream for payments and settlements, it is expected that these numbers will continue to rise, barring any significant policy changes or peg shocks. As merchant payouts, remittances, and application incentives expand, the metric is poised for continued growth.
The Future of Ethereum Stablecoins
Stablecoins are set to revolutionize payment and settlement systems, making them an essential component of the financial ecosystem. As Ethereum continues to facilitate these transactions, its network’s utility and value are likely to increase.
This analysis highlights the dynamic trends shaping the crypto industry, offering valuable insights into the potential trajectory of stablecoin adoption.
This article is based on data from The Block’s Data & Insights newsletter. The Block is an independent media outlet that provides in-depth news, research, and data. As of November 2023, Foresight Ventures is a major investor in The Block, while crypto exchange Bitget serves as an anchor limited partner for Foresight Ventures. Despite these affiliations, The Block maintains its independence to deliver objective and timely information about the crypto industry.
