Ethereum filtered onchain volume of stablecoins reached a new all-time high in April, hitting $908 billion. This milestone comes amid growing institutional adoption and several high-profile developments that have thrust stablecoins into the spotlight once more.
USDC has shown particularly strong growth on Ethereum, with volume trending upward over the past six months and exceeding $500 billion in transactions. Other stablecoins gaining significant volume include DAI and Sky’s USDS, reflecting a diversifying stablecoin landscape.
Traditional companies continue to embrace stablecoins at an accelerating pace. During the week of May 4, Meta announced plans to explore stablecoin integrations to reduce transaction costs, while Stripe unveiled new stablecoin offerings to enhance its payment infrastructure.
Meanwhile, President Donald Trump’s World Liberty Financial project has seen its stablecoin, USD1, mint nearly $2 billion worth of tokens. This rapid growth has positioned USD1 as the seventh-largest stablecoin by market capitalization despite its relative newness.
Fortune 100 companies are increasingly exploring stablecoins for cross-border payments and other product offerings, lending additional legitimacy to the sector. As more companies aim to issue their own stablecoins or adopt existing ones, competition for volume is likely to intensify. This competitive landscape could lead to decreased fees as issuers vie for market share, potentially benefiting end users while challenging profitability for stablecoin providers.
The surge in stablecoin activity on Ethereum underscores the network’s continued dominance as the preferred blockchain for dollar-denominated digital assets, despite challenges from alternative chains and Layer 2 solutions. While other chains have seen stablecoin usage grow, Ethereum remains the preferred venue for transacting stables.
This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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