Ethereum Stablecoin Transfers Hit $8T in Q4 as Activity Peaks
Stablecoin transfer volume on Ethereum surpassed $8 trillion in the fourth quarter of 2025, setting a new all-time high, according to Token Terminal on Monday. The total was nearly twice the figure recorded in the second quarter, which was just over $4 trillion, based on the platform’s data.
Stablecoin issuance on Ethereum rose by roughly 43% in 2025, increasing from $127 billion to $181 billion by year-end, Blockworks reported. “This isn’t speculation. This is global payments happening on-chain,” X user “BMNR Bullz” commented, noting this comes ahead of SWIFT-style integrations, broader real-world asset (RWA) tokenization, and institutional rails. “The rails are already built. Adoption is catching up,” they added.
Stablecoin volumes on Ethereum climbed sharply in Q4. Source: Token Terminal
Ethereum transactions and address activity hit records
The milestone coincided with a record in total daily transactions on the Ethereum (ETH) network, which reached 2.23 million in late December, according to Etherscan. Daily transactions are up 48% compared with the same time last year.
Token Terminal reported that active monthly addresses on Ethereum hit an all-time high of 10.4 million in December.
Monthly active addresses reached a record in December. Source: Token Terminal
The number of unique addresses active as senders or receivers each day also increased, exceeding 1 million in late December.
Ethereum retains lead in RWA tokenization
Ethereum remains the primary settlement layer for stablecoins and RWA tokenization, holding about 65% of total on-chain RWA value, or roughly $19 billion, according to RWA.xyz.
That share rises to more than 70% when including layer-2 and other EVM-compatible networks. Ethereum currently accounts for 57% of all stablecoins in circulation, with Tron in second place at 27%.
Tether (USDT) remains the largest issuer with $187 billion outstanding, equal to 60% of the overall stablecoin market, and more than half of that supply is on Ethereum.
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