Ethereum hits 1 million weekly stablecoin senders

The number of weekly unique stablecoin senders on Ethereum exceeded 1 million in recent weeks, setting new records for the network.

This marks a sharp rise from the average of about 400,000 weekly senders between January 2020 and July 2024.

In 2025 so far, the average has reached 720,000 unique senders per week.

The growth rate for unique stablecoin senders has averaged over 1.7% per week since August 2024.

Rising stablecoin adoption and increased use in areas such as cross-border payments, decentralized finance, and digital asset settlements are contributing to the surge.

Ethereum remains the main platform for stablecoin transactions, supporting onboarding, transfers, and payouts.

🔗 Source: The Block

🧠 Food for thought

Implications, context, and why it matters.

Stablecoin sender counts may overstate user growth due to automation and contract activity

On Ethereum, “weekly unique stablecoin senders” counts addresses, not people. The source does not separate Externally Owned Accounts (EOAs) from smart contracts or from wallets by exchanges and bridges, which can inflate adoption 1.
In 2024, 59% of Ethereum transactions touched smart contracts, with a median of four per transaction. Counting contracts as senders would boost the metric 2.
Proxy and factory contracts are common. The top 11 deployers control 50% of live contracts, which can spawn addresses that look like unique senders from one entity 2.
Method clarity matters on EOAs versus contracts and on clustering top sender entities under one group. Without it, user growth stays murky 1.

Regulatory clarity can guide where operators focus as stablecoin flows surge

The U.S. passed the Genius Act in July 2025, a federal stablecoin law that requires 100% reserves and Anti-Money Laundering (AML) programs. This opens a path for providers to build payments and remittances 3.
Thailand approved USDT and USDC for direct crypto-to-crypto trading. Operators can launch peer-to-peer platforms without fiat conversion 3.
Only 28 of 75 countries have rules covering taxation and AML/Countering the Financing of Terrorism (CFT). They also cover consumer protection and licensing. Issuers, wallet providers, or payment processors should target these markets for treasury and on/off-ramp infrastructure (conversion between crypto and local currency) 4.
Hong Kong and Brazil are advancing stablecoin frameworks. Firms can target cross-border payments in emerging markets 4.