Ethereum Hit a Record US$908 Billion in On-Chain Stablecoin Transactions in April 2025

Ethereum hit a record US$908 billion in on-chain stablecoin transactions in April 2025, showing growing adoption in finance.

In April 2025, Ethereum hit a record US$908 billion in on-chain stablecoin transactions, highlighting the increasing adoption of crypto in finance.

As reported by The Block, USD Coin (USDC) transactions led the way, exceeding US$500 billion in volume over the past six months. Other prominent stablecoins like DAI and USDS also showed substantial activity, demonstrating the diversity in the stablecoin market.

Furthermore, major institutions like Meta and Stripe are now exploring or launching stablecoin-based payment solutions.

Despite competition from other networks like Tron and Coinbase’s Base, Ethereum remains the top blockchain for stablecoin use, likely due to the rising volumes and interest from institutions like Meta and Stripe.

The record volume on Ethereum also underscores a broader evolution in how stablecoins are being used across the financial landscape.

While stablecoins began primarily as trading vehicles in 2015 with Tether, they have grown 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 also significantly outpace weekday volumes, indicating their growing importance beyond traditional banking hours and use cases 3.

The surge in USDC volume on Ethereum 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.

However, this record volume also 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 accounting for 83.9% of the total stablecoin supply 4.

But 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 overtook 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 despite the significant challenges from alternative networks is particularly noteworthy.

The record volume also 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 US Treasury securities, demonstrating their increasing integration with traditional finance and providing additional legitimacy to the sector 6.

Moreover, monthly stablecoin transfers on Ethereum alone increased dramatically from $1.9 trillion in February 2024 to $4.1 trillion in February 2025, highlighting 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.