Rising demand for liquidity and yield drives stablecoin activity to new highs, with USDC leading the surge and traders positioning for the next market cycle.
The monthly transaction volume of stablecoins on the Ethereum network reached a historic milestone in October 2025, surging to $2.82 trillion, according to new on-chain data. This marks a 45% increase from September’s $1.94 trillion, signaling that traders are increasingly using stablecoins as tools for liquidity management and yield generation amid a cooling crypto market.
USDC Leads the Stablecoin Rally
Among all stablecoins, Circle’s USDC dominated with $1.62 trillion in monthly volume, while Tether’s USDT followed at $895.5 billion. Both tokens saw strong monthly gains as investors rotated capital into stable, yield-bearing assets. Meanwhile, MakerDAO’s DAI ranked third with $136 billion, reflecting a slight decline from $141.2 billion in September and continuing its downtrend from May’s $470.7 billion peak.
“Stablecoins have been one of the hottest sectors over the past couple of months following the Circle IPO and the passage of the Genius Act,” said Min Jung, research associate at Presto Research. “Yield farming around ‘liquid yield tokens’ has been highly active, attracting users looking for consistent returns.”
THE BLOCK
Traders Seek Stability Amid Market Decline
The surge comes as Bitcoin fell 11.5% to $108,229 and Ethereum dropped 16.4% to $3,754 in October, prompting traders to move capital into stablecoins for hedging and liquidity purposes.
“They’re staging capital to rotate between emerging narratives, using stablecoins as a hedge and a yield-generating tool until deployment,” noted Vincent Liu, CIO at Kronos Research.
This shift indicates a maturing crypto market, where stablecoins play a growing role in risk management, payments, and cross-border transactions.
Stablecoins Dominate Crypto Protocol Revenues
Data also shows that stablecoin issuers generated roughly 65% to 70% of total daily revenue across major protocol categories in October — outpacing lending platforms, decentralized exchanges, and DeFi infrastructure.
Their profits primarily stem from interest earned on U.S. Treasury holdings that back user deposits.
“October’s volume underscores a maturing market where stablecoins are being used for non-speculative purposes like payments and settlement,” said Nick Ruck, director at LVRG Research.
Ethereum’s record-breaking $2.8 trillion stablecoin volume signals a new phase of capital efficiency and liquidity in crypto markets. As yield-driven activity intensifies and institutional adoption grows, stablecoins are evolving from simple trading tools to core components of global digital finance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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