The volume of stablecoin transfers hosted on the Ethereum network reached almost US$6 billion in the fourth quarter of this year. This already exceeds the quarterly processing volume of Visa and MasterCard.
Stablecoin activity (mainly related to the US dollar) has been steadily growing on Ethereum, the network that centralizes the majority of these digital assets.
Leon Weidman, investor and head of analysis at Onchain Foundation, said Ethereum “has become the primary payment layer for the digital dollar.”
The above has been updated since the network was launched in 2013. Outperforms the world’s largest traditional payment network by value. And it leaves competitors like Tron and Solana networks behind.
The Token Terminal graph below shows the following: Ethereum quarterly transfer volume is now approaching USD 6 billion In the fourth quarter. There’s still a month left to count.
In contrast, Visa corporate reports reviewed by CriptoNoticias revealed that total quarterly revenue for the third quarter of 2025 was USD 4.3 trillion. Mastercard reported approximately $2.74 billion in credit and $1.92 billion in debit volume for the quarter. All of this adds up to $4.6 billion.
These numbers not only put Ethereum ahead of each traditional payment network individually, but also bring it close to doubling Mastercard’s global transaction volume. In that way, positioning itself above both as the dominant infrastructure For digital dollar payments.
This growth is due to the integration of stablecoins such as USDT and USDC as international payment methods. The use of financial applications based on smart contracts is also increasing.
If this pace continues, on-chain infrastructure is likely to continue bridging the gap with traditional payment systems. The latter strengthens Ethereum’s role as a relevant component in the emerging digital economy. Wideman believes that “the crypto economy is outpacing traditional financial infrastructure.”