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Ethereum’s stablecoin transaction volume hit an all-time high of $908 billion in April 2025, driven by institutional adoption, tech giants like Meta and Stripe, and Donald Trump’s World Liberty Financial stablecoin, USD1. This milestone underscores Ethereum’s dominance in digital finance despite growing competition.
Ethereum’s Stablecoin Surge Hits Historic Peak
The biggest Layer 1 on-chain stablecoin volume reached a historic $908 billion in April 2025, marking a new all-time high, according to The Block. This surge, up from $850 billion in May 2024, reflects Ethereum’s role as the leading blockchain for dollar-pegged digital assets. USDC, issued by Circle, led with over $500 billion in transactions over the past six months, while DAI and Sky’s USDS also saw significant activity, signaling a diversifying stablecoin market.
Source: The Block
The surge coincides with major developments. Meta announced plans to integrate stablecoins for cost-effective transactions, and Stripe launched stablecoin-based payment solutions after acquiring Bridge for $1.1 billion.
Meanwhile, President Donald Trump’s World Liberty Financial project minted $2 billion in its USD1 stablecoin, which now ranks as the seventh-largest by market cap. A CoinDesk report on May 16, 2025, suggests USD1’s rapid growth, has drawn institutional attention. Ethereum’s stablecoin market cap, holding 51% of the $230 billion total, per The Block, reinforces its dominance over rivals like Tron.
Institutional Adoption and Competitive Challenges
The $908 billion milestone reflects growing trust in stablecoins for cross-border payments and DeFi. Tether (USDT) holds a 52% market share, followed by USDC, but Ethereum’s infrastructure supports a broader ecosystem, including Ethena’s USDe and Ripple’s planned stablecoin.
However, competition is intensifying. Solana and Layer 2 solutions are gaining traction, with Tron hosting $60.7 billion in stablecoin supply, per Unchained. Despite these challenges, Ethereum’s robust infrastructure and institutional backing ensure its lead in stablecoin transactions.
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