Ethereum activity has shifted further to stablecoin usage, with $USDC rising as the leading asset as the network looks to scale further and find new use cases.
Ethereum has evolved into a network for stablecoin transfers after a long period of extremely low gas fees. With transactions under $0.01, $USDT and $USDC transfers became viable for retail usage. What is more, the updates of Ethereum over the past years meant regular transactions were not burdened with high gas fees.
Based on Token Terminal data, stablecoins have expanded their activity and their holder count. $USDC turned into a leading asset on Ethereum, returning retail usage to the chain.
Ethereum dominates other chains with stablecoin supply
Ethereum still dominates other chains by raw stablecoin supply. L2 chains like Polygon and Base are boosting their $USDC transfers and reserves. In the past month, the supply of $USDC on Ethereum rose by 12%, based on general activity and demand for an asset compliant with MiCAR and the US Genius Act.
Vitalik Buterin and other Ethereum supporters have also announced new tools for Ethereum’s usage. Instead of facing only crypto insiders and early backers, recent Buterin comments have encouraged Ethereum to be oriented to serving a wider array of apps and users.
See also Ethereum Price Analysis: $ETH spikes above $4,650, swiftly sets new all-time high at $4,769
Stablecoins are one of the key infrastructure elements of apps, bridging the divide between regulated finance and crypto-native tools.
Ethereum stablecoin usage is at an all-time high
Transaction costs on Ethereum are near all-time historical lows, with gas once again under 1 gWei. As a result, most use cases are extremely cheap, with DEX swaps down to $0.03. Previously, swaps could run up to $100, discouraging most retail users. With optimization and routing, DEX swaps are once again accessible to retail traders and open to wider adoption.
Baseline NFT activity and a decline in token launches also contribute to the current gas price levels, with token transfers costing under $0.01. This allowed $USDC activity to rise to an all-time peak as Ethereum users also demanded a liquid asset universally accepted by exchanges.
Based on Token Terminal data, $USDC climbed vertically in 2025 and has near-record transfers as of February 2026. For February 2025, $USDC volumes are up 250% against the same month in 2025, breaking above $1.7T in non-adjusted transfers.
2026: The year @ethereum started to scale.
Transaction costs on mainnet are at ATLs, while stablecoin usage is ATHs.
Monthly @$USDC transfer volume on Ethereum mainnet reached $1.7 trillion in February ’26, while median transaction fees were below $0.02.
A chart to follow 👇 pic.twitter.com/QRZVsNIz17
— Token Terminal 📊 (@tokenterminal) March 9, 2026
The $USDC smart contract burns 7.76 $ETH in daily gas, and is ranked third behind $USDT and $ETH transfers. On Ethereum, $USDT is still the leading stablecoin, but $USDC has moved ahead on the Polygon L2 chain.
See also Libra’s TSC charged to oversee stablecoin development
The expansion of stablecoins on Ethereum has given the chain a new source of activity. Circle is also the leader in terms of non-USD stablecoins, boosting the supply of euro and ruble-denominated tokens.
The adoption of Ethereum by Circle also ensures significant liquidity for the chain, one of the key factors for retaining users.
