Ethereum Stablecoin Volume Surges to $2.8T
Ethereum stablecoin volume hit a record $2.8 trillion in October, up 45% from September. On-chain data show transfers on Ethereum have climbed 1,000% since May 2023. This surge underscores stablecoins’ growing role in cross-border and 24/7 digital payments.
The market capitalization of Ethereum stablecoins topped $165 billion, led by USDT supply rising 8.1% to 85.88 billion tokens and USDC climbing 5.8% to 48.2 billion tokens. Total stablecoin circulation now exceeds $308 billion, with annual transaction volumes surpassing $27 trillion.
Major issuers are shifting focus to settlement infrastructure: Tether rolled out consumer and institutional Plasma payment solutions, while Circle launched its Arc platform. Regulatory advances such as the GENIUS Act and Circle’s planned IPO are further accelerating stablecoin adoption. Traders can expect continued volatility hedging and liquidity demand on Ethereum.
Bullish
Short term, the surge in Ethereum stablecoin volume drives higher network activity and fees, boosting demand for ETH and trading on DeFi platforms. Increased USDT and USDC usage can fuel liquidity and hedging strategies, supporting price stability.
Long term, expanding settlement infrastructure like Tether’s Plasma and Circle’s Arc, along with regulatory clarity, sets the stage for sustained growth in stablecoin transactions on Ethereum. This deeper adoption could enhance network value and reinforce bullish momentum for ETH.