$8 trillion in stablecoin transfers moved across Ethereum in the fourth quarter of 2025, a record that nearly doubled the roughly $4 trillion processed in Q2 2025. The surge reflected lower on‑chain costs, faster Layer‑2 throughput and expanding stablecoin issuance, which together intensified the network’s role as a settlement layer.
In 2025, stablecoin activity on Ethereum was driven by a mix of technical and structural factors. Gas fees remained at historically low levels, significantly reducing transfer costs and encouraging the movement of high-volume stablecoins. This was reinforced by strong issuance growth, as the total stablecoin supply on the network expanded by roughly 43%, rising from about $127 billion to approximately $181 billion, which substantially increased on-chain liquidity.
Automation also played a critical role. Bot-driven transactions acted as a major volume amplifier, particularly in May 2025, when bots accounted for 57% of stablecoin transfer volume and 31% of total transactions. At the same time, rising institutional flows and the tokenization of real-world assets (RWAs) concentrated settlement activity on Ethereum and its Layer-2 networks, strengthening their position as core infrastructure for corporate and financial transfers.
Network metrics, market share and context
The Q4 tally contributed to an annual transfer sum that exceeded $11 trillion across Ethereum mainnet and Layer‑2 networks. Monthly peaks included $908 billion in April and $2.82 trillion in October, underscoring pronounced intra‑year volatility in throughput.
Ethereum continued to command the largest share of stablecoin supply and transfer activity. On‑chain reporting placed Ethereum at roughly 70% of total stablecoin supply and holding about 65% of on‑chain real‑world asset value; that share rose when Layer‑2 and EVM‑compatible networks were included. USDT and USDC remained the dominant tokens, with USDT noted as the largest issuer during 2025.
Other record metrics accompanied the transfer surge: a late‑December high of about 2.23 million daily transactions, roughly 10.4 million monthly active addresses and a record 8.7 million smart‑contract deployments in Q4 2025, driven in part by Layer‑2 growth and RWA issuance. The Fusaka upgrade, deployed in early December 2025, was cited as easing data posting costs and supporting new address creation.
Regulatory clarity also played a role. Developments such as the U.S. GENIUS Act and the EU’s MiCA framework were credited with improving issuance confidence and institutional participation, reinforcing stablecoins’ settlement utility.
The record Q4 volume reframes Ethereum as a primary settlement rail for large‑scale stablecoin flows, heightening focus on ongoing operational resilience, custody and compliance.
