Stablecoin transfer volume on Ethereum climbed to a new all-time high in the fourth quarter of 2025, topping $8 trillion, according to data released by Token Terminal.
Key Takeaways:
Ethereum stablecoin transfers hit a record $8T in Q4 2025, nearly doubling from Q2 levels. Rising volumes and address activity suggest real payment use rather than speculative trading. Ethereum remains the leading platform for stablecoins and RWA tokenization by market share.The figure nearly doubled from just over $4 trillion recorded in the second quarter, highlighting Ethereum’s growing role as a settlement layer for digital dollars.
The surge in activity coincided with a steady expansion in stablecoin supply on the network. Data from Blockworks shows stablecoin issuance on Ethereum rose about 43% over the course of 2025, increasing from $127 billion to roughly $181 billion by year’s end.
Ethereum Stablecoin Growth Signals Real Payments, Not Speculation
Market participants say the numbers point to practical usage rather than speculative flows.
One analyst posting on X described the growth as “global payments happening on-chain,” adding that broader institutional integrations have yet to fully come online.
Network activity also hit new highs during the same period. Daily transactions on Ethereum reached a record 2.23 million in late December, according to Etherscan, marking a 48% increase compared with a year earlier.
Token Terminal data shows monthly active addresses peaked at 10.4 million in December, while daily unique sending and receiving addresses surpassed one million toward the end of the month.
Ethereum’s dominance extends beyond transfers. The network remains the leading platform for real-world asset tokenization, accounting for roughly 65% of total on-chain RWA value, estimated at around $19 billion, according to RWA.xyz.
When layer-2 networks and other EVM-compatible chains are included, that share rises above 70%.
In the stablecoin market, Ethereum continues to hold the largest share of issuance at about 57%, ahead of Tron’s 27%.
Tether remains the dominant issuer overall, with roughly $187 billion in circulation, more than half of which resides on Ethereum.
Vitalik Declares Ethereum’s Trilemma ‘Solved’
Meanwhile, Ethereum co-founder Vitalik Buterin says the network has solved the blockchain trilemma, crossing a milestone many in crypto long viewed as unattainable.
In a post on X on Saturday, Buterin argued that recent and upcoming upgrades have finally aligned decentralization, security, and scalability through code already running in production.
At the center of the claim are two technical advances, including peer data availability sampling (PeerDAS) and zero-knowledge Ethereum virtual machines (zkEVMs).
Together, Buterin said, they are turning Ethereum into “a fundamentally new and more powerful kind of decentralized network.”
“Now, Ethereum with PeerDAS (2025) and ZK-EVMs (expect small portions of the network using it in 2026), we get: decentralized, consensus and high bandwidth,” Buterin wrote.
“The trilemma has been solved — not on paper, but with live running code.”
PeerDAS, introduced with the Fusaka upgrade in December, is designed to dramatically increase how much data Ethereum can process.
It allows nodes to verify data availability without downloading entire datasets, lowering hardware requirements while enabling higher throughput. One half of the trilemma solution, Buterin noted, is already live on mainnet.
The other half rests with zkEVMs, which allow Ethereum blocks to be validated using zero-knowledge proofs while remaining compatible with the existing Ethereum virtual machine.
While zkEVMs have been in development for years, Buterin described them as “alpha-stage” in terms of security, even if their performance is already production-ready.
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