- Ethereum processed a record 203.9M transactions in Q2 2026, while monthly active users fell 30% from Q1 to 9.2M.
- Ethereum’s tokenized assets averaged $203.1B in Q2, rising 38.7% year over year, led by $176.8B in stablecoins.
- Tokenized U.S. T-bill funds reached a quarterly record $7.5B, while Ethereum’s fully diluted market cap fell 14.8%.
Ethereum posted record transaction activity in Q2 2026 despite fewer active users, while tokenized assets continued expanding. According to Token Terminal, Ethereum’s Layer-1 processed 203.9 million transactions and averaged 25.9 transactions per second. Fees reached $52.5 million, while tokenized asset market capitalization averaged $203.1 billion in Q2.
Ethereum Transaction Activity Sets New Records
Ethereum’s monthly active users averaged 9.2 million, down 30% from Q1 but up 36.6% year over year. However, transaction count rose 1.7% quarter over quarter and 68.4% annually. Meanwhile, fees increased 31.6% from Q1 to $52.5 million, although they remained 49.2% below Q2 2025.
April generated $24.5 million in fees, followed by $16.7 million in May and $11.3 million in June. Notably, ETH burn revenue more than doubled to $17.1 million. Token Terminal said the burn increased 112.2% from Q1 but remained 66% below the year-earlier level. The burn represented about one-third of fees during Q2.
Stablecoins Lead Ethereum’s Tokenized Assets
Ethereum’s ecosystem total value locked averaged $287.2 billion, down 9.2% quarterly. Stablecoin issuers accounted for $183.4 billion, representing 63.8% of the total. Lending fell 26.1% to $44.1 billion, while liquid staking dropped 26.2% to $33.3 billion.
However, real-world asset issuers grew 5% to $16.5 billion. Tokenized assets averaged $203.1 billion, up 0.3% quarterly and 38.7% annually. Stablecoins represented $176.8 billion, while tokenized funds reached $20.8 billion.
Tokenized commodities reached $4.9 billion, and tokenized stocks reached $614.6 million. Ethereum held 61.6% of stablecoin value across the five largest chains.
T-Bill Funds and ETH Metrics Move Differently
Tokenized U.S. T-bill funds averaged $7.5 billion, a quarterly record after three quarters below $5.2 billion. Franklin Templeton, Ondo Finance and BlackRock each held over $1 billion in tokenized funds.
J.P. Morgan Asset Management launched JLTXX in May, committing $100 million at launch. Its market cap reached $682.2 million by Q2’s end. Meanwhile, Ethereum’s fully diluted market cap averaged $247.2 billion, down 14.8% quarterly.
The staking ratio rose to 0.32x, an all-time high. ETH holders also reached a record 312.1 million addresses. The figure increased 6.6% from Q1 and 27.4% year over year.
