Ethereum's Stablecoin Transaction Volume Hits an All-Time High of $908 Billion

Ethereum's stablecoin transaction volume hit an all-time high of $908 billion in April 2025, driven by institutional adoption, tech giants like Meta and Stripe

April saw the biggest Layer 1 on-chain stablecoin volume reach a new all-time high of $908 billion, according to The Block. This marks a significant surge from the $850 billion mark reached in May 2024.

The report highlights Ethereum’s role in facilitating the majority of stablecoin activity, considering that the dollar-pegged digital assets are largely used for cross-border payments and in decentralized finance (DeFi) protocols.

Among the stablecoins, USDC, issued by Circle, took the lead with over $500 billion in transactions over the past six months. Close behind was DAI, a decentralized stablecoin operated by the MakerDAO protocol, which saw around $163.4 billion in transactions. Sky’s USDS also witnessed significant activity, signaling a diversifying stablecoin market.

This stablecoin surge coincides with major developments in the crypto space. Tech giants like Meta are aiming to integrate stablecoins to enable more cost-effective transactions.

Additionally, Stripe is launching stablecoin-based payment solutions after acquiring Bridge for $1.1 billion to expand its crypto offerings.

Meanwhile, President Donald Trump’s World Liberty Financial project has minted $2 billion in its USD1 stablecoin, quickly propelling it to seventh place in the overall stablecoin market cap rankings.

A CoinDesk report from May 16 highlights USD1’s remarkable journey, rising from scratch in December 2024 to achieve a $9.5 billion market cap. This rapid growth has reportedly drawn attention from institutional investors.

Furthermore, Ethereum’s stablecoin market cap, holding 51% of the $230 billion total according to The Block, underscores its dominance over rivals like Tron. Tron, known for its support for TRC-20 tokens, saw its stablecoin market cap reach $58 billion in April.