Ethereum exercise has shifted additional to stablecoin utilization, with $USDC rising because the main asset because the community seems to be to scale additional and discover new use circumstances.
Ethereum has advanced right into a community for stablecoin transfers after a protracted interval of extraordinarily low gasoline charges. With transactions underneath $0.01, $USDT and $USDC transfers grew to become viable for retail utilization. What’s extra, the updates of Ethereum over the previous years meant common transactions weren’t burdened with excessive gasoline charges.
Based mostly on Token Terminal information, stablecoins have expanded their exercise and their holder rely. $USDC become a number one asset on Ethereum, returning retail utilization to the chain.
Ethereum dominates different chains with stablecoin provide
Ethereum nonetheless dominates different chains by uncooked stablecoin provide. L2 chains like Polygon and Base are boosting their $USDC transfers and reserves. Prior to now month, the availability of $USDC on Ethereum rose by 12%, based mostly on common exercise and demand for an asset compliant with MiCAR and the US Genius Act.
Vitalik Buterin and different Ethereum supporters have additionally introduced new instruments for Ethereum’s utilization. As an alternative of going through solely crypto insiders and early backers, latest Buterin feedback have inspired Ethereum to be oriented to serving a wider array of apps and customers.
See additionally Ethereum Worth Evaluation: $ETH spikes above $4,650, swiftly units new all-time excessive at $4,769
Stablecoins are one of many key infrastructure parts of apps, bridging the divide between regulated finance and crypto-native instruments.
Ethereum stablecoin utilization is at an all-time excessive
Transaction prices on Ethereum are close to all-time historic lows, with gasoline as soon as once more underneath 1 gWei. Because of this, most use circumstances are extraordinarily low cost, with DEX swaps right down to $0.03. Beforehand, swaps might run as much as $100, discouraging most retail customers. With optimization and routing, DEX swaps are as soon as once more accessible to retail merchants and open to wider adoption.
Baseline NFT exercise and a decline in token launches additionally contribute to the present gasoline worth ranges, with token transfers costing underneath $0.01. This allowed $USDC exercise to rise to an all-time peak as Ethereum customers additionally demanded a liquid asset universally accepted by exchanges.
Based mostly on Token Terminal information, $USDC climbed vertically in 2025 and has near-record transfers as of February 2026. For February 2025, $USDC volumes are up 250% towards the identical month in 2025, breaking above $1.7T in non-adjusted transfers.
2026: The yr @ethereum began to scale.
Transaction prices on mainnet are at ATLs, whereas stablecoin utilization is ATHs.
Month-to-month @$USDC switch quantity on Ethereum mainnet reached $1.7 trillion in February ’26, whereas median transaction charges have been under $0.02.
A chart to comply with 👇 pic.twitter.com/QRZVsNIz17
— Token Terminal 📊 (@tokenterminal) March 9, 2026
The $USDC sensible contract burns 7.76 $ETH in each day gasoline, and is ranked third behind $USDT and $ETH transfers. On Ethereum, $USDT continues to be the main stablecoin, however $USDC has moved forward on the Polygon L2 chain.
See additionally Libra’s TSC charged to supervise stablecoin improvement
The enlargement of stablecoins on Ethereum has given the chain a brand new supply of exercise. Circle can be the chief by way of non-USD stablecoins, boosting the availability of euro and ruble-denominated tokens.
The adoption of Ethereum by Circle additionally ensures vital liquidity for the chain, one of many key elements for retaining customers.
