Surge in stablecoin use on Ethereum…Weekly users surpass 1 million

Uk Jin

Summary

It said the number of unique addresses trading stablecoins on the Ethereum network surpassed 1 million over the past two weeks, setting a record.
This year, the weekly number of addresses using stablecoins on Ethereum averaged 720,000, roughly double the 400,000 weekly average from 2020–2024.
The outlet said this shows stablecoins are becoming a means of payment and settlement and that related metrics will continue to rise absent policy shocks or a peg collapse.

So far this year, usage of stablecoins (virtual assets whose value is pegged to fiat currency) has been on the rise. It appears that the number of stablecoin users within the Ethereum (ETH) network has reached an all-time high.

On the 14th (Korean time), The Block reported that over the past two weeks the number of unique addresses that traded stablecoins on the Ethereum network surpassed 1 million, marking a record high. So far this year, the number of addresses that used stablecoins on the Ethereum network averaged about 720,000 per week. This is roughly double the weekly number of stablecoin-using addresses recorded from 2020 to 2024 (400,000).

The outlet said, "Since August 2024, Ethereum's stablecoin senders have been increasing by an average of 1.7% per week, setting new weekly highs," adding, "This is an indicator that stablecoins are becoming established as a means of payment and settlement."

They added, "Ethereum still functions as the central layer for onboarding, rebalancing, and reward payouts," and "absent policy shocks or a peg collapse, the number of stablecoin senders will remain on an upward trend."

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