Stablecoin transfers on Ethereum topped $8T in Q4 2025

The surge in transfer volume came as the stablecoin footprint on Ethereum expanded. Blockworks estimates that total stablecoin supply across the Ethereum ecosystem grew by about 43% over 2025, rising from roughly $127 billion to $181 billion by year-end. Market observers argue that the record isn’t just “trading churn” and points to broader usage, from settlements between desks to everyday payments.

Network activity climbed alongside the stablecoin numbers. In late December, Ethereum hit a new high for daily transactions at about 2.23 million, according to Etherscan. Token Terminal also shows a December record for monthly active addresses (about 10.4 million). On some days, more than 1 million unique addresses acted as senders or recipients.

Fees are an important part of the backdrop. Etherscan data shows average transaction costs stayed unusually low through late December, hovering around just a few cents per transaction. That lines up with the broader trend highlighted by GNcrypto: even with rising activity, users still saw cheap transfers. Lower costs make it easier for stablecoins to work as a practical rail, whether people are moving smaller payments or routing larger treasury transfers without getting crushed by gas.

Ethereum’s lead shows up in adjacent onchain markets, too. According to RWA.xyz, the chain accounts for about 65% of the onchain value of tokenized real-world assets (around $19 billion). When you include L2s and other EVM networks, the share exceeds 70%.

In stablecoins specifically, Ethereum is estimated to hold about 57% of total supply, with Tron in second place at roughly 27%. Tether remains the biggest issuer: USDT supply is estimated at $187 billion, or close to 60% of the overall stablecoin market, with more than half of that supply sitting on Ethereum.