Ethereum’s on-chain stablecoin volume soared to a new all-time high of $908 billion in April 2025, driven by a surge in institutional adoption and rising market interest in digital dollars.
According to The Block’s data updated May 15, USDC led the charge with over $500 billion in transaction volume, reflecting consistent growth over the last six months.
Other key contributors included DAI and USDS, underscoring a growing diversity in the stablecoin market.
The spike highlights Ethereum’s increasing role as a settlement layer for digital finance, as stablecoins become essential tools for liquidity, payments, and yield strategies.
The chart titled “Ethereum On-chain Volume of Stablecoins”, updated on May 15, 2025, illustrates monthly stablecoin activity on the Ethereum network from May 2024 through May 2025. It provides a breakdown of on-chain transaction volumes by individual stablecoins such as USDC, DAI, USDT, USDS, USDe, and a collective category labeled “16 Others.”
In May 2024, the total on-chain stablecoin volume was around $850 billion, with DAI and USDC dominating the chart. The volume showed moderate activity, setting a baseline for the months to follow. By July 2024, Ethereum saw its highest on-chain volume during the entire 12-month period—nearly $1.5 trillion. This spike was largely fueled by a dramatic rise in DAI transactions, suggesting heightened DeFi activity or increased lending and borrowing using DAI. USDC also grew, although more gradually, while other stablecoins contributed minimally.
September 2024 saw a sharp decline in volume, dipping below $800 billion. This drop may reflect market cooldowns following DeFi peaks or broader crypto market corrections. However, activity picked up again by November 2024, with volume climbing back above $1 trillion. During this period, USDC gained noticeable traction, overtaking DAI in some bars, while smaller players like USDS and USDe began appearing, hinting at a more diverse stablecoin market taking shape.
The trend continued into January 2025, where volume held steady and USDC remained in the lead. DAI also showed resilience, maintaining its share despite competition. The growing presence of alternative stablecoins highlighted the ecosystem’s increasing complexity and user preference for various compliance or decentralization features.
In March 2025, Ethereum experienced another major surge in stablecoin volume, returning to above $1.4 trillion. USDC saw its highest ever single-month transaction volume, surpassing $500 billion, while DAI and USDT also posted strong performances. This surge reflected robust market conditions and renewed institutional engagement.
By May 2025, although the chart indicates a notable drop to around $700 billion, the data is marked with an asterisk, implying that the figures are incomplete and still being compiled. Even so, USDC remains the leader, suggesting ongoing trust and adoption by large-scale users.
Overall, this 12-month analysis underscores Ethereum’s growing dominance as a base layer for stablecoin activity. With April 2025 setting a new all-time high of $908 billion in on-chain volume, and with USDC continuing to lead, Ethereum is increasingly being positioned as the settlement hub for both decentralized finance and institutional-grade digital assets. The diversification of stablecoin usage also points to a maturing ecosystem, driven by evolving user demands and technological innovation.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ethereum-stablecoin-volume-hits-record-908b-in-april/