Ethereum's stablecoin activity has reached a new peak, with over 1 million unique sending addresses recorded weekly over the past two weeks. Since the beginning of 2025, the Ethereum network has averaged approximately 720,000 stablecoin sending addresses per week, marking a 1.7% average weekly growth since August 2024. This surge in stablecoin usage is largely attributed to their role as a dollar substitute in countries with capital controls and their extensive use in perpetual contracts, prediction markets, and real-world asset settlements. As a primary settlement layer, Ethereum continues to support inflows, rebalancing, and payment traffic, driving the growth in sending addresses.