Ethereum stablecoin trading doubles, surpassing 80 trillion yuan; global US dollar settlement infrastructure takes shape

In Q4 2025, Ethereum stablecoin trading volume hit a record high. According to Token Terminal data, the total on-chain stablecoin transaction volume on Ethereum in Q4 first surpassed $8 trillion, nearly doubling from approximately $4 trillion in Q2. Meanwhile, stablecoin supply also maintained steady growth, increasing by 43% throughout the year. This “volume and price growth” pattern indicates that the growth is driven more by genuine payment and settlement needs rather than short-term speculation.

Explosive Growth in Stablecoin Trading

Core Data Comparison

The Ethereum stablecoin market experienced significant expansion in 2025:

This is not just about numbers increasing. From the supply side, the steady expansion of stablecoin issuance indicates that the market demand for on-chain USD is real and sustained. From the transaction perspective, the doubling of trading volume reflects increased activity across multiple dimensions such as payments, settlements, and trading.

New Heights in Network Activity

Alongside the explosive growth in stablecoin trading, overall Ethereum network activity also reached new records. According to Etherscan data, by the end of December 2025, the highest single-day transaction count on Ethereum reached 2.23 million, a 48% increase YoY. Active addresses peaked at 10.4 million, with daily unique sender and receiver addresses exceeding 1 million each.

What do these numbers imply? They suggest that Ethereum is not only a trading venue for high-net-worth assets but is also becoming a foundational infrastructure for daily payments and settlements.

Ethereum Stablecoin Ecosystem’s Market Dominance

Market Share and Competitive Landscape

In terms of stablecoin issuance structure, Ethereum still leads with approximately 57% market share, significantly higher than Tron’s 27%. USDT remains the largest stablecoin, with over half of its circulating supply deployed on Ethereum. This pattern reflects Ethereum’s core position within the stablecoin ecosystem.

In the real-world asset tokenization (RWA) market, Ethereum’s dominance is even more evident. According to RWA.xyz, the total value of RWA on Ethereum is about $19 billion, accounting for roughly 65% of the entire market. Including Layer-2 and other EVM-compatible networks, the share exceeds 70%.

Cost Advantages Support Continued Growth

It is worth noting that, according to the latest reports, Ethereum’s Gas fees have reached the lowest levels since mainnet launch, with some periods even below 0.03 Gwei. This significant reduction in usage costs further lowers the barriers for payments and settlements, supporting the sustained growth of stablecoin trading volume.

Technological Breakthroughs Lay the Foundation for Long-term Growth

Substantive Breakthroughs in the Trilemma

Ethereum co-founder Vitalik Buterin announced that Ethereum has solved the “blockchain trilemma” through actual running code. He pointed out that PeerDAS and the upcoming zkEVM enable Ethereum to achieve a substantial breakthrough in decentralization, security, and scalability.

What does this breakthrough mean for the stablecoin ecosystem? It signifies that Ethereum is not only supported by current trading volume but also has technological guarantees for future scalability. Improved scalability will further reduce costs and support larger-scale payment and settlement activities.

Enhancement of Ecosystem Integrity

Beyond stablecoins, Ethereum’s dominant position in the RWA market also indicates that the on-chain USD settlement ecosystem is becoming increasingly complete. From pure stablecoin trading to asset tokenization and settlement, Ethereum is building a comprehensive on-chain financial infrastructure.

Market Context and Institutional Entry

This growth trend is not isolated. According to the latest reports, the total trading volume of US spot crypto ETFs in the US surpassed $2 trillion on January 2, just eight months after surpassing $1 trillion in May 2025. This indicates that institutional capital is accelerating its entry, providing more liquidity and recognition for stablecoins and on-chain financial activities.

Summary

Ethereum’s stablecoin trading volume doubled to surpass $8 trillion, representing not just a numerical milestone but also a shift of the on-chain global payment network from an experimental phase to a practical phase. The “volume and price growth” pattern proves that the growth is driven by genuine demand. The continuous expansion of market share consolidates Ethereum’s role as the core infrastructure of the stablecoin ecosystem. Technological breakthroughs, cost optimization, and institutional participation collectively lay a solid foundation for the long-term growth of Ethereum’s stablecoin ecosystem. Although large-scale institutional integration is still in its early stages, the current growth trajectory clearly indicates that Ethereum is becoming the key infrastructure for global digital dollar settlements.