Data shows that 67% of Ethereum transactions involving stablecoins USDT and USDC are peer-to-peer in nature, but the majority of trading volume is elsewhere.
Business-related Ethereum Stablecoin transactions dominate trading volume.
In a new post on Stablecoin refers to a cryptocurrency whose value is fixed in fiat currency.
Because these assets are relatively “stable” in nature, they have quickly established themselves as the preferred form of payment and are larger than the top five non-Stablecoin cryptocurrencies combined.
But what does the nature of these transactions look like? Below is data posted by James, showing how transfers involving Ethereum's version of USDT and USDC are broken down between retail and business payments.
Businesses seem to be dominating in terms of the volume | Source: @Snapcrackle on X
As the chart shows, 67% of USDT and USDC transactions on the Ethereum network that occurred between August 2024 and 2025 were of the peer-to-peer type. These transactions typically represent the activity of retail users.
Due to the small number of users participating, P2P transfers may only have a 24% volume share. On the other hand, corporate payments accounted for 76% of total transaction volume, despite accounting for only 33% of transactions.
Ethereum Foundation members obtained data from Artemis' report on Ethereum stablecoin payment usage. While stablecoins exist pegged to a variety of currencies, Artemis focused on the USD-backed USDC and USDT, which are the most popular options, accounting for 88% of the sector's market capitalization.
Although these coins circulate on several blockchains, Ethereum is currently the most dominant network, hosting over 50% of the global stablecoin supply. “We also focus only on transfer transactions and exclude mint, burn or bridge transactions from our analysis,” the report said.
Artemis broke down how to categorize transactions. When two individual users transfer between Externally Owned Accounts (EOAs), the transfer is considered peer-to-peer.
However, determining whether a transaction is peer-to-peer can be tricky. This is because it is not always possible to determine whether two accounts are owned by different entities. Problems also arise with wallets owned by exchanges and other centralized entities. “In our dataset, we are able to label many institutional and corporate EOA wallets. However, labeling is not perfect and some EOA wallets owned by companies and not documented in the dataset may be mislabeled as individual wallets,” the report explained.
The second category is business-to-business (B2B), which naturally consists of movements that occur between two institutional EOAs. Transactions between the same institutional entities fall under the ‘Internal B’ label.
Finally, there is the person-to-business (P2B) category, which describes transfers that occur between individuals and businesses. James' chart ties all business categories together.
The numbers related to the stablecoin transactions on the Ethereum network | Source: Artemis
ETH price
Ethereum previously recovered above $3,000, but appears to be facing a decline once again, with the price now back to $2,950.
The trend in the ETH price over the last five days | Source: ETHUSDT on TradingView
Featured image from Dall-E, artemisanalytics.com, chart from TradingView.com
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