The latest data from the Ethereum on-chain has been released. According to the on-chain activity statistics analyzed by Artemis for 2024–2025, stablecoins have quietly become the core infrastructure for payments, which is noteworthy.

How exactly do the data speak? Stablecoin payments account for about 47% of the overall transaction volume on Ethereum. If we exclude internal transfers between institutions, this percentage drops to 35%. It looks good, but the details are more interesting—P2P transfer counts account for 67%, but the actual transaction volume is only 24%. What does this indicate? Small transactions are very frequent, but the real money is still in large transactions.

What are large transactions mainly about? Institutions and enterprises are involved. In other words, the payment ecosystem of stablecoins has become layered: individual users frequently conduct small peer-to-peer transfers to maintain ecosystem activity, while institutions are the true contributors to trading volume.

There is another phenomenon worth mentioning - the high concentration of transactions. The top few trading pairs account for the vast majority of the traffic, which indicates that the maturity of the market is increasing, while also implying that the entry point for stablecoin payments is beginning to form a head effect. For teams looking to develop payment applications on Ethereum, this is both an opportunity and a challenge.