Ethereum’s Revenues Fall 44% While Stablecoins Surge

Ethereum entered September on a very contradictory note. On one hand, the token’s price continues to hold near the $4,300 level, almost brushing against $4,500 resistance after touching an all-time high of $4,957 on August 24. On the other hand, the network’s fee-based revenues tumbled in August, sliding to $14.1 million according to Token Terminal data. 

Messari puts the figure higher at $39.2 million, but both reports show that the revenue declined, despite upgrades lowering costs for users. At the same time, Ethereum’s stablecoin supply has grown sharply, adding about $5 billion in a single week and lifting the total to a record $165 billion. These contrasts started a debate over whether Ethereum’s focus on fee intake over usage growth matters most for the token’s future.

Ethereum Expansion in 2025

Ethereum’s appeal in 2025 goes well beyond practical, real-world applications. Remittance platforms moving funds between countries lean on stablecoins for cost savings and speed. Digital art and ticketing services settle sales using Ethereum, giving creators and fans faster, clearer records. Some dining venues and ride-hailing services now accept on-chain payments, eliminating card processing fees and settlement delays.

Even niche platforms have tapped Ethereum’s rails. Gaming platforms like The Sandbox sell in-game assets and land via its Ethereum-based SAND token, and gambling platforms like Coin Casino crypto casino also support and accept Ethereum-based deposits and payouts quickly, providing users access to various games, exclusive bonuses, and improved security. Additionally, healthcare billing pilots, payroll trials for remote workers, and business-to-business transactions also route funds using Ethereum-backed tokens. This shows how far Ethereum’s mainstream acceptance has gone in 2025. 

Despite Ethereum’s broadening use cases, revenues appear to be declining while activity seems to be on the up and up. While Ethereum’s finances look weaker on paper, the cost of using the network has dropped, not because demand has faded but due to multiple other factors.

Why Revenues Fell in August

Ethereum’s revenue decline did not come out of nowhere. The recent Dencun upgrade earlier this year ensured transactions are much cheaper on layer-two networks. This was designed to handle more activity without severely pushing costs up. These changes reduced total fees on the base chain. 

In August 2025, network fees fell by about 20% month over month to $39.7 million. While users benefited from lower costs, revenue metrics showed that demand looks a little weaker. For observers used to equating high gas fees with success, these figures can seem misleading.

The fall also reflects a year-on-year comparison that looks relatively harsh. Revenues are down roughly 75% compared with August 2024, when gas fees were much higher. Today, more people can transact without thinking twice about the cost. Ethereum’s designers see that as a success, even if the data shows it as a decline.

Stablecoins Surge to Record Levels

Ethereum saw inflows of about $5 billion in one week during late August, equal to nearly $1 billion per day. That growth pushed the total supply of stablecoins on the network to a record $165 billion. RWA.xyz places the figure slightly lower at $158.5 billion, but both confirm that Ethereum accounts for more than half of the global market.

This growth is not limited to just dollar-pegged tokens. Tokenized gold worth about $2.4 billion circulates on Ethereum, while tokenized U.S. Treasuries have also gained traction. For investors, these assets offer predictable value and the efficiency of blockchain settlement. For Ethereum, they show that lower fees are working exactly as intended, making the network more useful for routine financial activity.

Traders Versus Long-Term Users

Ethereum’s revenue issue matters to analysts and traders who track short-term trends. Whale wallets have sold about $254 million worth of ETH in recent weeks, putting pressure on the token’s price. Support currently sits around $4,200, with resistance at $4,500. Traders see these levels as important markers for whether ETH can make another push higher.

Long-term users, however, tend to pay more attention to adoption trends. For them, the surge in stablecoins and tokenized assets is a sign of greater use of Ethereum’s infrastructure. Lower fees also mean that payroll tests, retail checkouts, and high-volume applications can work reliably without prohibitive costs. The tension between falling revenue and rising usage captures the difference between short-term price watchers and businesses building on the chain.

Ethereum as Financial Infrastructure

What is striking about August’s data is how it highlights Ethereum’s changing role. In earlier years, the network was judged by the size of its fee revenues. High fees were seen as proof of demand. That view makes less sense now. With lower fees, Ethereum looks less like a toll road and more like financial infrastructure that can actually handle steady flows at low cost.

Stablecoin adoption illustrates this point clearly. Every new dollar of stablecoins creates potential for payment applications, cross-border transfers, and business settlements. Merchants that accept on-chain dollars don’t really care whether network fees are high or low. They care about reliability and reach. The speed of stablecoin growth shows that Ethereum is gaining trust as the settlement layer for diverse use cases.

Institutional and Retail Activity

Ethereum’s role as financial infrastructure is also reinforced by who is using it. Stablecoins on Ethereum are now used by retail traders, international businesses, and institutions alike. For treasurers, tokenized Treasuries on Ethereum create opportunities to manage cash in new ways. For ordinary users, dollar-pegged stablecoins offer a stable payment method. Even casinos, video gaming platforms, music royalties, and collectibles are part of this flow. They show how Ethereum’s reach extends from traditional finance to different sectors, capturing all sides of the market.

Institutional investors also see value in the security and liquidity of Ethereum. Stablecoins are attractive because they are easy to audit and move quickly across borders. As adoption expands, Ethereum gains relevance not through fee spikes but through continuous usage across industries.

What to Watch in September

Looking ahead, can Ethereum sustain its price momentum while revenues remain under pressure? There’s no doubt that traders will be watching the $4,500 resistance level closely. A clean break could create the way forward to new highs. A failure to hold $4,200 could see a steeper decline. At the same time, analysts will track whether stablecoin inflows continue at their recent pace and whether tokenized assets add further volume.

The bigger picture shows that Ethereum is becoming the settlement network for digital finance. Its revenues may not match past peaks, but the adoption metrics suggest the network’s value is increasingly measured in usage rather than fee totals.

Conclusion

Ethereum’s August figures tell two very different stories. Revenues fell by 44%, proving to be one of the sharpest month-on-month declines in recent years. At the same time, stablecoin inflows surged, pushing the total supply to record levels and reinforcing Ethereum’s role as a settlement layer for global finance. Traders may focus on support and resistance levels, but long-term growth depends on usage. With tokenized gold, Treasuries, and stablecoins expanding on its rails, Ethereum is surely positioning itself as financial infrastructure rather than a network defined by fees. The contradiction of falling revenues and rising adoption may prove to be the most accurate picture of Ethereum’s future.