- Ethereum hit $1.18T in 30-day stablecoin transfers, doubling its 2024 record.
- Gas fees hit a record low of 2.71 gwei, fueling Layer 2 growth and adoption.
- Over 10M weekly users now interact across Ethereum and its scaling networks.
Ethereum has reached a new milestone, processing $1.18 trillion in stablecoin transfers over the past 30 days. This figure marks the highest recorded volume in 30 days, solidifying Ethereum’s position as the leading blockchain for stablecoin activity.
Ethereum Dominates Stablecoin Transfer Volumes
According to a post by Ether Wizz, Ethereum now leads all chains in stablecoin transfers, hitting an all-time high in network activity. “Ethereum just hit an all-time high in stablecoin activity,” Ether Wizz stated in an update posted on April 11. The post highlighted that Ethereum’s 30-day transfer volume surpassed October 2024’s record of $556 billion by more than double.
Tron followed closely, recording $605 billion in transfers, while Base posted $590 billion during the same period. Solana, Polygon, and BNB Chain registered $209 billion, $140 billion, and $108 billion, respectively. Meanwhile, Arbitrum, Mantle, and Sui maintained over $50 billion each, reinforcing Ethereum’s dominance through sheer scale.
L2 Activity Surges as Gas Prices Plunge
Source: CryptoRank
The report highlighted Ethereum’s strategic emphasis on Layer 2 (L2) scaling via Arbitrum and Base, which collectively facilitate more than $22 million per month in stablecoin volume. These platforms lower transaction fees, encourage high-frequency trading, and provide frictionless exposure to stablecoin ecosystems anchored on Ethereum. Custody and settlement remain Ethereum-native, ensuring institutional-grade infrastructure support.
Tracking price behaviour, Ethereum gas prices dropped to an all-time low of 2.71 gwei in March 2025. The shift followed the network’s decision to raise the gas limit in its first upgrade since 2021, which significantly improved transaction throughput. Lower fees have further accelerated L2 growth by attracting developers and liquidity providers to more efficient ecosystems.
User Activity Breaks Records Across the Ethereum Stack
Observing market movements, GrowThePie data confirmed weekly active addresses surpassed 10 million in early 2025, more than tripling since early 2023. This surge reflects broader stablecoin adoption, with over 600,000 wallets using two or more chains weekly. Ethereum’s L2s now process over 4.35x the volume seen on the mainnet, showcasing shifting user behavior.
The total stablecoin supply on Ethereum |Source: Token Terminal
Token Terminal reported Ethereum’s total stablecoin supply reached $133 billion in Q1 2025, its highest level ever. This growth follows a 2023 slump and underlines renewed investor demand across DeFi, payments, and remittance applications. Combined with increasing TVL and cross-chain engagement, Ethereum remains the top settlement layer for stablecoins globally.
