Ethereum holds the largest stablecoin liquidity base among L1 blockchains, accounting for 50% of the $300 billion market. In Q2, the network processed over 203 million transactions, up 68.4% from the previous quarter, with ETH gaining 52% so far in Q3. The stablecoin market is recovering, with market cap turning positive in August after three consecutive months of net outflows. USDC is progressively closing the gap with USDT: since November 2024, USDC supply surged 83% versus 22% for USDT, making Ethereum’s liquidity structure more balanced and reducing reliance on a single issuer. With rising liquidity and strong network activity, ETH potentially has the fuel to drive a risk-on move in Q4.
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