Ethereum Stablecoin Volume Hits Record $908B in April

Ethereum's on-chain stablecoin volume soared to a new all-time high of $908 billion in April 2025, driven by a surge in institutional adoption and rising market interest in digital dollars.

April 2025 saw a record high of $908 billion in stablecoin volume pass through Ethereum’s on-chain ecosystem, driven by surging institutional adoption and rising market interest in digital dollars.

The Block’s latest data, updated May 15, showed Circle’s USDC led the way again with over $500 billion in transaction volume, continuing the consistent growth observed over the last six months.

Other key contributors included, in order, Chainlink’s stablecoin USDS and MakerDAO’s DAI, highlighting a growing diversity in the stablecoin market.

This spike highlighted Ethereum’s increasing role as a settlement layer for digital finance, as stablecoins become essential tools for liquidity, payments, and yield strategies.

May 2024 saw around $850 billion in stablecoin volume pass through Ethereum, with DAI and USDC largely setting the tone. At the time, the volume showed moderate activity, setting a baseline for the months to follow.

July 2024 saw Ethereum experience its highest on-chain volume during the entire 12-month period—nearly $1.5 trillion. This surge was largely driven by a dramatic rise in DAI transactions, suggesting heightened DeFi activity or increased lending and borrowing using DAI. USDC also grew, although more gradually, while other stablecoins contributed minimally.

September 2024 saw a sharp decline in volume, dipping below $800 billion. This drop may have reflected market cooldowns following DeFi peaks or broader crypto market corrections. However, activity picked up again by November 2024, with volume climbing back above $1 trillion. During this period, USDC gained noticeable traction, overtaking DAI in some bars, while smaller players like USDS and USDe began appearing, suggesting a more diverse stablecoin market was taking shape.

The trend continued into January 2025, with volume holding steady and USDC remaining in the lead. Even as new stablecoins entered the ecosystem, affecting the smaller tiers of the chart, DAI showed resilience, maintaining its share despite competition. The growing presence of alternative stablecoins highlighted the ecosystem’s increasing complexity and user preference for various compliance or decentralization features.

March 2025 saw another major surge, returning above $1.4 trillion. USDC saw its highest ever single-month transaction volume, surpassing $500 billion, while DAI and Tether’s USDT also posted strong performances. This surge reflected robust market conditions and renewed institutional engagement.

Although May 2025 saw a notable drop to around $700 billion (marked with an asterisk due to ongoing compilation), USDC remained the leader, suggesting ongoing trust and adoption by large-scale users.

Overall, this 12-month analysis underscores Ethereum’s growing dominance as a base layer for stablecoin activity. With April 2025 setting a new all-time high of $908 billion in on-chain volume, and with USDC continuing to lead, Ethereum is increasingly being positioned as the settlement hub for both decentralized finance and institutional-grade digital assets. The diversification of stablecoin usage also speaks to a maturing ecosystem, driven by evolving user demands and technological innovation.