In line with the info, 67% of Ethereum transactions involving stablecoins USDT and USDC are P2P in nature, however the majority of the buying and selling quantity is elsewhere.
Enterprise-related Ethereum stablecoin transactions dominate buying and selling quantity
In a brand new submit on X, Ethereum Basis Ecosystem Head James shared some numbers associated to stablecoin transactions on the ETH blockchain. Stablecoins seek advice from cryptocurrencies whose worth is pegged to fiat foreign money.
As a result of these property are comparatively “secure” in nature, they shortly established themselves as the popular fee technique, with buying and selling volumes exceeding the highest 5 non-stablecoin cryptocurrencies mixed.
However what’s the nature of those transactions? Beneath is the info posted by James that reveals how transfers associated to the Ethereum variations of USDT and USDC break down between retail and enterprise funds.
Companies appear to be dominating by way of the quantity | Supply: @Snapcrackle on X
As seen within the graph, 67% of USDT and USDC transactions on the Ethereum community that occurred between August 2024 and 2025 had been of peer-to-peer (P2P) kind. Such transactions are sometimes an indication of exercise by retail customers.
The transaction quantity share of P2P transfers was solely 24%, which can be as a result of small scale of customers concerned. In distinction, business-related funds accounted for 76% of transaction worth, regardless of having a transaction share of solely 33%.
Members of the Ethereum Basis obtained information from Artemis’ report on Ethereum stablecoin fee utilization. Whereas stablecoins pegged to a wide range of currencies exist, Artemis targeted on USDC and USDT, which account for 88% of the sector’s market capitalization and are the preferred choices, pegged to the US greenback.
These cash flow into on a number of blockchains, however Ethereum is at the moment essentially the most dominant community, internet hosting over 50% of the world’s stablecoin provide. “Additionally, we solely concentrate on remittance transactions and exclude mint, burn, and bridge transactions from our evaluation,” the report states.
Artemis has damaged down the best way transactions are categorised. A switch is taken into account P2P if it happens between two separate customers’ Externally Owned Accounts (EOAs).
Nonetheless, it may be troublesome to find out whether or not a transaction is P2P as a result of it isn’t all the time potential to find out whether or not two accounts are owned by completely different entities. Issues additionally come up with wallets owned by exchanges and different centralized organizations. “Though our dataset permits us to label many institutional and company EOA wallets, the labeling will not be good, and a few EOA wallets which are owned by firms and never documented in our dataset could also be incorrectly labeled as private wallets,” the report explains.
The second class is business-to-business (B2B), which naturally consists of actions made between two institutional EOAs. Transactions between the identical institutional entities are categorised throughout the “Inner B” label.
Lastly, there’s the person-to-business (P2B) class, which takes into consideration remittances that happen between people and companies. James’ chart combines all enterprise classes into one.
The numbers associated to the stablecoin transactions on the Ethereum community | Supply: Artemis
ETH worth
Ethereum beforehand rallied above $3,000, however the coin seems to be going through one other decline as the worth is now again all the way down to $2,950.
The development within the ETH worth during the last 5 days | Supply: ETHUSDT on TradingView
Dall-E, featured picture from artemisanalytics.com, chart from TradingView.com
