Ethereum Stablecoin Transfers Hit $8T in Q4 as On Chain Payment Use Surges

Stablecoin transfer volume on Ethereum reached a new record in the fourth quarter of 2025. Data from Token Terminal shows more than $8 trillion moved across the network during the period. This figure is nearly double the volume recorded in the second quarter, which stood just above $4 trillion.

The rise points to strong demand for dollar based assets on chain. Unlike past cycles driven mainly by trading, much of this activity came from payments, settlement, and treasury movement. The increase also followed steady growth throughout the year rather than a single spike.

Stablecoin issuance on Ethereum grew alongside usage. BlockWorks data shows total issuance climbed from $127 billion at the start of 2025 to $181 billion by year end, an increase of about 43%.

Network Activity Expands With Usage

Ethereum network activity reached new highs during the same period. Etherscan data shows total daily transactions peaked at 2.23 million in late December. That level marks a 48% increase compared with the same time last year.

Address activity followed the same trend. Token Terminal reported that active monthly addresses reached 10.4 million in December, the highest level recorded on the network. Daily unique addresses acting as senders or receivers also crossed one million late in the month.

The growth in addresses and transactions shows broader use across users rather than activity concentrated in a small group of wallets. Higher transaction counts and address participation supported the jump in stablecoin volume.

Ethereum Leads RWA Settlement

Ethereum remains the main network for real world asset settlement. Data from RWA.xyz shows Ethereum holds about 65% of total on chain RWA value, which stands near $19 billion. When layer 2 and other EVM networks are included, that share rises above 70%.

Stablecoin dominance follows a similar pattern. Ethereum hosts 57% of all stablecoins issued, placing it ahead of Tron, which holds a 27% share. The gap highlights the network’s role as the primary base layer for dollar linked assets.

Tether remains the largest issuer overall, with $187 billion in circulation. Roughly 60% of the entire stablecoin market is tied to USDT, and more than half of that supply sits on Ethereum.

Commentary from market participants points to payment use as a key driver. One analyst noted that the current volume growth is tied to real transaction flow rather than price trading. The data shows that payment rails are already active, with adoption rising before large scale bank or settlement system links go live.