Ethereum Maintains Stablecoin Leadership with $521K Monthly Transfer Per User

• Ethereum users transfer average $521,000 in stablecoins monthly per holder
• Avalanche shows strong activity despite holding only 0.64% of stablecoin supply
• Total stablecoin market grows to $275.5 billion with $9.06 billion weekly gain

Ethereum continues to lead stablecoin transaction activity with users moving an average of $521,000 per holder monthly according to Our Network analytics.

The data, shared by Onchain Foundation head of research Leon Waidemann, ranks blockchains by monthly transfer volume per holder rather than total transaction counts.

The stablecoin market has grown to $275.5 billion total capitalization, adding $9.06 billion over the past seven days as issuers respond to increasing user demand. Most of this supply flows through Ethereum’s network, generating fee revenue and utility for the blockchain infrastructure.

Avalanche Challenges with High Per-User Activity

Despite controlling only 0.64% of total stablecoin supply worth $1.77 billion, Avalanche recorded $206,000 in monthly transfers per holder. This efficiency ratio suggests concentrated high-value activity on the network despite smaller overall market share.

Recent institutional partnerships have expanded Avalanche’s stablecoin ecosystem through collaborations with traditional financial players. Visa added Avalanche to its stablecoin settlement network while Wyoming tests America’s first state-issued stablecoin WYST on the blockchain.

These developments position Avalanche as a potential competitor to Ethereum’s stablecoin dominance through institutional adoption rather than retail volume growth.

Other Networks Show Varied Performance Levels

Optimism ranked third with $82,000 monthly transfers per holder, followed by Tron at $71,000 and Aptos at $56,000. These networks maintain smaller user bases but generate meaningful per-user activity levels.

Established blockchains including Solana, BNB Chain, and XRP Ledger recorded lower per-holder volumes of $41,000, $36,000, and $26,000 respectively. The variation suggests different use cases and user behaviors across blockchain ecosystems.

The data indicates that network efficiency and institutional adoption may matter more than total supply concentration for driving stablecoin activity. Avalanche’s strong showing despite minimal market share demonstrates how targeted partnerships can generate high-value transactions.

Ethereum’s continued leadership in both total supply and per-user activity reinforces its position as the primary stablecoin infrastructure. However, emerging competitors like Avalanche show that focused institutional strategies can create competitive alternatives for specific use cases.

The growth in total stablecoin market capitalization benefits all participating networks through increased transaction volume and fee generation.

As institutional adoption expands, networks with regulatory-friendly frameworks and traditional finance partnerships may capture disproportionate value despite smaller overall market shares.