Ethereum Quarterly Transactions Reach 239 Million, Stablecoin Liquidity at $147.3 Billion

Ethereum (ETH) mainnet processed 239 million transactions in the second quarter, with stablecoin liquidity reaching $14.7363 billion (approximately 20 trillion won). However, it remains uncertain whether increased network activity will lead to higher Ethereum prices or better token value capture, according to a report by Token Terminal cited by Japanese media Atarashi Keizai.

The report noted that quarterly transactions rose 68.4% year-on-year and 1.7% from the previous quarter, with an average throughput of 25.9 TPS. Monthly active users averaged 9.2 million in Q2, a 30% drop from the prior quarter. Transaction fees totaled $52.5 million (about 7.7 billion won), up 31.6% from the previous quarter but down 49.2% year-on-year.

Stablecoin market data from DeFiLlama shows Ethereum's issued stablecoins had a market cap of $14.7363 billion, with Tether (USDT) at 49.88% ($7.356 billion) and USDC at 31.8% ($4.7065 billion). From August 1 to September 1, Ethereum stablecoin supply increased by 0.43%, from $147.57 billion to $148.21 billion, compared to a 1.06% rise in total stablecoin supply.

SpendNode analysis indicated that Tron (TRX) accounted for 60.7% of the total increase in stablecoin supply, with $1.97 billion (about 267.9 billion won) growth. CryptoNewsBytes reported a narrowing gap between USDT and USDC on Ethereum, with USDT at 49.6% and USDC at 31.8%, down from a 34.2 percentage point difference in November 2024.

Market reactions were mixed: some Reddit users viewed the transaction volume as a sign of network growth, while others cautioned that increased activity may not translate to ETH price gains or value capture. Analysts emphasized distinguishing between internal network metrics and broader market trends when interpreting stablecoin liquidity data.