In the fourth quarter of last year, Ethereum (ETH)-based stablecoin trading volume surpassed $8 trillion for the first time ever on a quarterly basis. This is interpreted as a sign that on-chain activity, previously focused on speculation, is expanding into the realm of practical payments and settlement.
Citing data from TokenTerminal, Cointelegraph reported that stablecoin transactions on the Ethereum network reached approximately $8 trillion in the fourth quarter of last year, nearly doubling the figure from the second quarter of the previous year. During the same period, the number of active Ethereum addresses also reached an all-time high.
The growth in stablecoin issuance is also steep. Ethereum-based stablecoin issuance increased by approximately 43% last year. Ethereum currently accounts for approximately 57% of the total stablecoin market, and its share of real-world asset (RWA) tokenized assets stands at approximately 65%.
Of particular note is the fact that more than half of Tether's dollar-pegged stablecoin USDT issuance is circulating on the Ethereum network. This demonstrates that demand for global payments, inter-company settlements, and fund transfers, beyond DeFi and trading, is being processed on Ethereum.
The media outlet analyzed that "the explosive growth in stablecoin trading volume suggests that Ethereum is moving beyond a simple smart contract platform to become a settlement layer within the global financial infrastructure." They explained that with the confirmation that Ethereum can handle large-scale transactions on-chain, institutional and corporate use cases are rapidly increasing.
Industry insiders predict this trend will accelerate further, coupled with the rise of RWA tokenization, institutional stablecoins, and the expansion of on-chain money markets. As Ethereum establishes itself as a central network for stablecoins and real-world asset tokenization, some predict it could mark a turning point, shifting a portion of global capital flows from traditional financial networks to blockchain.
