Ethereum Stablecoin Users Surge to 750,000 Weekly

Ethereum stablecoin users have reached a record high, surpassing 750,000 unique weekly users across major stablecoins like USDT, USDC, BUSD, and DAI. This highlights what is being called the 'stablecoin season,' marked by increased institutional focus and significant user growth. Stablecoin usage on Ethereum in 2024 and 2025 has evolved from speculative activity to genuine utility-driven engagement. USDT remains the largest stablecoin on Ethereum with a supply of $73 billion, while USDC holds $41 billion, together dominating the $134 billion total stablecoin market. Despite this dominance, other stablecoins hold around $20 billion, indicating potential for new entrants. The increasing user base is intensifying competition, as issuers seek to set themselves apart with lower fees and greater benefits. This could improve user services and spur innovation in stablecoin technology. The stablecoin market's growth aligns with a broader transition to digital dollars and crypto finance solutions. As adoption increases and traditional financial entities integrate stablecoin technology, stablecoins may become essential for digital commerce. This article is an excerpt from The Block's Data & Insights newsletter. The Block is independent, despite investments from Foresight Ventures, and continues to provide unbiased information about the crypto industry. This content is for informational purposes only and not financial advice.