Ethereum stablecoin activity has reached a new high, with the number of unique sending addresses surpassing 1 million per week.

According to Jinse Finance, in 2025, the average number of unique sending addresses for stablecoins on Ethereum reached 720,000 per week, with the past two weeks seeing it first exceed 1 million. Over the past year, this number has experienced exponential growth, averaging over 1.7% increase per week since August 2024. Analysts point out that the growth is mainly driven by the increased adoption rate of stablecoins; additionally, Perptual Futures, prediction markets, and most real-world asset tokenization (RWA) projects settle funds using stablecoins, with each new application generating a large number of new addresses. As a primary settlement layer, Ethereum captures deposits, rebalancing, and payment flows, thereby driving an increase in active addresses.