Ethereum stablecoin activity hits new highs as weekly unique senders top 1 million
The number of unique stablecoin senders per week on Ethereum has increased at an exponential rate in the last 12 months.
From January 2020 to July 2024, there was an average of ~400,000 stablecoin senders on Ethereum per week. Since August 2024, this figure has grown by over 1.7% per week on average, consistently setting record highs.
In 2025, there have been, on average, 720,000 unique senders on Ethereum per week, while in the past two weeks alone, this number has surpassed 1 million weekly unique stablecoin senders.
The surge in unique stablecoin senders is primarily a function of rising stablecoin adoption. For example, in countries with shaky forex or capital controls, stablecoins are the practical dollar. Moreover, perpetual contracts, prediction markets, and most RWAs all fund and settle in stablecoins, meaning every new related app and product spins up fresh addresses.
Meanwhile, Ethereum, as the Layer 1 settlement venue, captures the onboarding, rebalancing, and payout flows that translate into many new stablecoin senders.
In summary, stablecoins are becoming a mainstream payment and settlement rail. Barring a major policy or peg shock, we expect this metric to continue up-and-to-the-right as merchant payouts, remittances, and app incentives scale.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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