ETH Retains Top Spot in Stablecoin Volume Amid Expanding Layer-2 Ecosystem
ETH has reaffirmed its dominance in the global stablecoin market, setting a new all-time high for on-chain transfer volume as Layer-2 networks continue to drive scalability and adoption. The blockchain remains the leading platform for stablecoin activity, outpacing rivals such as Tron and BNB Chain in total transaction value and institutional usage.
Recent data from The Block indicates that ETH processed approximately $2.82 trillion in stablecoin transfers in October 2025. This marks the highest monthly volume ever recorded on the network, driven primarily by USDC and USDT transactions. Of this total, around $1.62 trillion came from USDC, while USDT contributed approximately $0.90 trillion. Analysts say this performance reflects ETH’s growing role as the backbone of the digital dollar economy, where stablecoins serve as key instruments for liquidity, trading, and payments across decentralized finance (DeFi).
Layer-2 Growth Fuels ETH’s Momentum
The surge in ETH’s stablecoin activity has been amplified by the rapid expansion of its Layer-2 ecosystem. Networks such as Arbitrum, Optimism, and Base have significantly boosted on-chain transaction throughput while lowering gas costs for users. Arbitrum alone saw more than $154 billion in stablecoin transfer volume over the past 30 days, according to blockchain analytics firms. These scaling answers enable ETH to handle high transaction volumes without compromising its core security or decentralization.
Developers and traders alike have increasingly migrated to Layer-2 networks to take advantage of their lower fees and quicker settlement times. The integration of stablecoins across these networks has strengthened ETH’s position as the settlement layer for digital finance. With growing institutional interest and the rise of real-world asset tokenization, Layer-2 ecosystems are expected to drive even more stablecoin adoption over the coming year.
Competition and Market Position
Although ETH maintains a clear lead in transaction volume, competition from other networks remains strong. Tron, for instance, continues to view widespread use of USDT, particularly in emerging markets across Asia and Latin America. The network’s low transaction costs make it attractive for retail transfers and remittances, but its overall transaction value still lags behind ETH’s broader ecosystem.
BNB Chain and Solana are also expanding their presence in the stablecoin sector, offering alternative ecosystems with distinct performance and cost profiles. However, ETH’s established DeFi infrastructure, liquidity depth, and institutional integrations provide a durable advantage. Market observers note that the combination of security, interoperability, and developer activity ensures ETH remains the preferred environment for large-scale stablecoin operations.
As the regulatory landscape for digital assets evolves, ETH’s ecosystem appears well-positioned to maintain its leadership in stablecoin activity. The network’s transition toward greater scalability through Layer-2 rollups and emerging zkEVM technologies could further enhance transaction capacity and efficiency. With the continued rise of stablecoins as digital settlement tools, ETH’s foundational role in decentralized finance and payments is expected to strengthen.
Industry analysts project that ETH will continue to anchor the global stablecoin market through 2026, supported by both retail and institutional adoption. As on-chain liquidity grows and cross-chain interoperability improves, ETH’s dominance in stablecoin volume underscores its status as the central hub of the blockchain-based financial ecosystem.
