Crypto: The Volume Of Stablecoins On Ethereum Is Exploding, But At What Cost?

While the traditional economy oscillates between uncertainties and macroeconomic adjustments, the crypto world continues to chart its own course, sometimes out of sync, but often ahead of global trends. The Ethereum blockchain, the beating heart of the decentralized ecosystem, has just reached a historic milestone: nearly 1.5 trillion dollars in stablecoin transactions were recorded in just 45 days. This figure, more than just a record, reveals an underlying dynamic in a rapidly changing DeFi market.

A record of stablecoin transactions that redefines the standards of Ethereum

In just 45 days, Ethereum, the leading smart contract platform, reached a volume of stablecoin transactions approaching 1.5 trillion dollars, a level never seen before. This impressive performance far surpasses previous records set in 2022, before the collapse of the Terra/Luna and FTX/Alameda ecosystems. According to analyst Leon Waidmann of the Onchain Foundation, this spectacular jump in volume reflects increased adoption of stablecoins on Ethereum, despite a sluggish market and persistent volatility. Data shows that major stablecoins like Tether (USDT), USDC, and DAI still dominate the crypto market, with over 90% of total capitalization, and that USDT remains strongly anchored on Ethereum with over $53 billion issued as ERC-20 tokens.

This record transactional volume illustrates a rise in activity on the blockchain, which maintains its strategic position in the DeFi ecosystem. Unlike the booming period of 2022, marked by massive adoption before the market’s brutal crashes, this new peak comes in a context of overall weak crypto asset performance. This paradox, where high trading volume coexists with a generally bearish market, testifies to the robustness and resilience of Ethereum, which continues to attract massive capital flows in an environment where trust is often tested.

The L2 crypto ecosystem in full revival!

Alongside the explosion in stablecoin transaction volume, Ethereum is also showing signs of recovery in its second-level ecosystem, or L2, after a prolonged period of decline. At the beginning of September, the total value locked (TVL) of Ethereum’s L2 solutions had reached its lowest level since February 2024, illustrating the challenges faced by these solutions in a hesitant market. However, in the space of a week, the TVL jumped by 5.5%, reaching $33.4 billion according to L2Beat data, a key indicator of the revitalization of these complementary networks. This rebound, though modest, underscores the adaptability of the L2 ecosystem and its potential to relieve the main Ethereum network by increasing its capacity and reducing transaction costs, elements essential to the sustainability of its massive use.

These positive developments should not, however, mask the challenges ahead. Crypto market volatility and regulatory uncertainties remain major obstacles to broader adoption of Ethereum-based solutions. Moreover, competition is intensifying with the emergence of alternative blockchains, often faster and cheaper, attracting developers and capital. To maintain its lead, Ethereum will need to continue innovating, not only in terms of scalability but also in user experience and security. The recent rebound of its L2 ecosystem shows that the blockchain is not short of resources or strategies, but the road to truly global adoption remains fraught with obstacles.