Ethereum (ETH) Hit a Record US$908 Billion in On-chain Stablecoin Transactions in April 2025

The USD Coin (USDC) led this growth, with transaction volumes exceeding US$500 billion over the past six months.

Ethereum hit a record US$908 billion in on-chain stablecoin transactions in April 2025, data from The Block shows.

This volume underscores the growing adoption of stablecoins in finance, with USD Coin (USDC) leading the charge. Transaction volumes for USDC exceeded US$500 billion over the past six months.

Other major stablecoins, including DAI and USDS, also displayed significant activity, highlighting a diversification in the stablecoin market.

As reported by The Block, corporate players like Meta and Stripe are now exploring or launching stablecoin-based payment solutions.

Despite this competition, Ethereum remains the top blockchain for stablecoin use, driven by rising volumes and corporate interest.

This marks a significant transformation for stablecoins, which began primarily as trading vehicles in 2015 with Tether.

However, they have since evolved into essential financial infrastructure with transaction volumes that surpassed $5.5 trillion in 2024, exceeding even Visa and Mastercard's combined volumes 1.

This represents remarkable growth, with average stablecoin supply increasing approximately 28% year-over-year and total transfer volume reaching $27.6 trillion in 2024 2.

Weekend transaction volumes for stablecoins significantly exceed weekday volumes, indicating their growing importance beyond traditional banking hours and use cases 3.

The surge in USDC volume on Ethereum cited in the original article is part of this larger transformation, as stablecoins evolve from crypto-specific tools to mainstream financial instruments with applications in cross-border payments, remittances, and everyday transactions.

This record volume for Ethereum comes amid fierce competition between blockchains to capture the lucrative stablecoin market.

As of September 2024, Ethereum held the largest share of stablecoins with $84.6 billion (49.1% market share), followed by Tron with $59.8 billion (34.8%), with these two networks alone covering 83.9% of the total stablecoin supply 4.

Nonetheless, newer networks are rapidly gaining ground, with Coinbase's Base experiencing growth of 1,941.5% in stablecoin supply in 2024, reaching a market share of 2.1% 4.

Base even briefly outperformed all other chains in stablecoin transaction volume on October 26, 2024, capturing 30.06% of the total market 5.

This competitive landscape explains why Ethereum's continued dominance in stablecoin transactions is particularly noteworthy, as it maintains its leadership position despite substantial challenges from alternative networks.

The surge in Ethereum stablecoin volume coincides with accelerating institutional involvement that extends far beyond Meta and Stripe's recent announcements.

Major financial institutions, including Standard Chartered and PayPal, have entered the stablecoin market, signaling growing mainstream acceptance 2.

Stablecoin issuers have become significant holders of U.S. Treasury securities, demonstrating their increasing integration with traditional finance and providing additional legitimacy to the sector 6.

Monthly stablecoin transfers on Ethereum alone increased dramatically from $1.9 trillion in February 2024 to $4.1 trillion in February 2025, reflecting both institutional and retail adoption 7.

The appeal for these institutions lies in stablecoins' ability to facilitate international money transfers in seconds at lower costs, particularly for cross-border payments and remittances, where traditional banking systems remain slow and expensive 8.

The increasing regulatory clarity around stablecoins, with the U.S. government advancing legislation to provide clearer guidelines for issuers, has further accelerated institutional comfort with these digital assets 7.