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Ethereum stablecoin usage is testing cycle highs, based on CryptoQuant data. Daily active addresses interacting with ERC-20 stablecoins recently reached about 593,000.
The address count captures wallets that send or receive stablecoins on Ethereum. Therefore, it serves as a proxy for the speed at which on-chain liquidity circulates.
CryptoQuant compared the current level with earlier market phases. During the 2022 deleveraging period tied to the FTX collapse, active stablecoin addresses peaked near 285,000. In the 2020–2021 bull market, activity struggled to stay consistently above about 230,000.
The latest reading stands out, as it has persisted beyond a brief spike. CryptoQuant said the 365-day moving average has climbed above 240,000. Earlier cycles did not sustain that baseline for long.
Active addresses do not equal unique investors, since exchanges can route many transfers through fewer wallets. Still, the series tracks whether Ethereum stablecoins keep moving across venues. That movement matters for liquidity conditions on ETH’s network.
Sustained stablecoin throughput supports routine settlement across centralized exchanges and decentralized protocols. Users move dollar-pegged tokens for trading, margin collateral, treasury management, and cross-protocol transfers. As a result, stablecoins act as working capital inside Ethereum markets.
On Ethereum, stablecoins also act as quote assets in DEX pools and lending markets. Higher transfers can reflect arbitrage, rebalancing, and yield positioning across protocols. At times, exchanges also sweep funds between wallet clusters.
CryptoQuant noted that earlier cycles often featured short-lived bursts during periods of fear or euphoria. The current pattern appears steadier month to month, with fewer abrupt reversals. That shift suggests stablecoins now function as core Ethereum infrastructure.
Market participants monitor this metric for early signs of liquidity changes. When active stablecoin addresses contract sharply, trading and DeFi activity can also cool. A stable range supports flexible allocation, even without price surges.
Broader stablecoin expansion provides a backdrop for Ethereum’s onchain liquidity story. An Investing.com analysis said stablecoins exceeded $250 billion in market value by the end of 2025. It also said stablecoins accounted for a rising share of on-chain transactions.
Arkham Research reported stablecoins grew from about $205 billion to $300 billion during 2025. The report linked the increase to the use in settlement and trading flows across crypto venues. It described stablecoins as central to many trading pairs.
Forecasts still differ on how far payment adoption will go. McKinsey said daily stablecoin transaction volumes could reach at least $250 billion within three years at current growth rates. However, Reuters reported that JPMorgan views most stablecoin demand as still coming from trading and DeFi.
