USDC Activity on Ethereum Hits All-Time Highs

Activity surrounding USDC on the Ethereum network has surged to unprecedented levels, according to new data from Token Terminal.

Activity concerning USD Coin (USDC) on the Ethereum network has surged to unprecedented levels, according to Token Terminal.

While the total outstanding supply of USDC on Ethereum remains relatively stable at around $40 billion, both the volume and frequency of transfers have climbed sharply, signaling a major uptick in on-chain stablecoin utility.

Chart: Token Terminal

Growing Demand Signals DeFi and Payment Expansion

The monthly transfer volume of USDC on ETH has reached approximately $635 billion, matching or surpassing previous peaks seen during bull market periods. More notably, the number of monthly transfers has soared to an all-time high of roughly 7.2 million.

This trend indicates that USDC is being used more actively in smaller, frequent transactions, suggesting increased adoption for everyday payments, trading, and decentralized finance (DeFi) activity.

The surge in USDC usage highlights Ethereum’s continued dominance as the primary infrastructure for stablecoin settlement. Even with a flat supply, the growing transaction activity suggests that users are increasingly relying on USDC for high-frequency, low-cost transactions across the Ethereum ecosystem. This reinforces the network’s critical role in bridging traditional financial systems with blockchain-based services.