Ethereum Hits Record USDT Usage in August 2025

Ethereum recorded an all-time high in USDT usage during August 2025, according to on-chain data released on September 30. This surge marks a ~400% increase in key metrics since September 2023, driven by DeFi activity, payments, and institutional growth.

Key Metrics: Volume and Transfers Surge

Ethereum processed $532.3 billion in USDT transfers in August alone, alongside 11.2 million transactions. These figures reflect roughly 1 million USDT transfers per day, showing sustained activity across decentralized exchanges, payments, and bridging.

While Tron remains ahead in raw transaction count—with 69.3 million transfers totaling $687 billion—Ethereum has taken the lead in value transferred. Its dominance stems from institutional usage and higher-value transactions rather than volume alone.

Src: Token Terminal

Supply Shift: Ethereum Overtakes Tron

As of late September, Ethereum regained the top spot for USDT supply, with $80 billion now circulating on the network. A $1 billion mint on September 26 contributed to this shift, reinforcing Ethereum’s appeal for liquidity, particularly in trading and lending protocols.

USDC activity also surged on Ethereum, hitting $1.1 trillion in monthly volume from 10.2 million transfers. Together, USDT and USDC accounted for 87% of Ethereum’s ~$850 billion stablecoin activity in August.

Broader Stablecoin Trends

Stablecoin usage across all chains is climbing fast. Year-to-date USDT volume has already reached $7.63 trillion—95% of its 2024 total, pointing to a maturing $118B market. Ethereum continues to benefit from its proof-of-stake security and integration with payment platforms like PayPal’s PYUSD.

Daily USDT transactions across chains are now nearing 1 million, further proving stablecoins’ growing use cases beyond just speculation.

Src: Dune

Outlook and Challenges

Ethereum’s high fees remain a concern during congestion. Tron, with its low-cost transactions, still holds 57.7% of USDT’s market share, mainly from retail use. However, upcoming upgrades such as Fusaka aim to improve Ethereum’s scalability and could strengthen its leadership in high-value stablecoin settlement.