Ethereum’s stablecoin dominance grows as USDC and USDT drive $850 billion in volume
Quick Take
- Ethereum continues to be the blockchain of choice for stablecoin activity, hosting $35 billion in USDC and $67 billion in USDT.
- The following is an excerpt from The Block’s Data and Insights newsletter.
While speculative assets face significant headwinds, Ethereum's stablecoin ecosystem continues to demonstrate remarkable resilience and utility.
Onchain volume of stablecoins has maintained impressive momentum, averaging approximately $800 billion monthly over the past four months. The daily count of addresses transferring stablecoins has also climbed steadily, recently hitting 600,000 addresses in a single week.
USDC and USDT remain the dominant players in this space, accounting for $740 billion of February's $850 billion total volume. This concentration reflects the market's preference for established, stablecoin options with strong track records.
Ethereum continues to be the blockchain of choice for stablecoin activity, hosting $35 billion in USDC and $67 billion in USDT. This dominance highlights Ethereum's role as the primary settlement layer for digital dollar transactions despite the proliferation of alternative blockchains.
Stablecoins represent perhaps the most established product-market fit in the crypto industry, offering several distinct advantages over traditional financial rails:
- They enable 24/7 settlement without banking hour restrictions
- They provide dramatically lower fees for cross-border transactions
- They allow for programmable money through smart contracts
- They offer greater financial inclusion for the unbanked or underbanked populations globally
The sector is gaining regulatory clarity as well, with the U.S. government advancing a stablecoin bill aimed at establishing clear frameworks and standards for issuers. This development could further legitimize major U.S.-based stablecoin providers including Circle (USDC), Paxos (USDP), and PayPal (PYUSD).
The continued strength in stablecoin volumes, even amid broader market volatility, suggests that the utility layer of crypto continues to mature regardless of asset price fluctuations.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
