According to the data, 67% of Ethereum transactions involving stablecoins USDT and USDC are P2P in nature, but the majority of the trading volume is elsewhere.
Business-related Ethereum stablecoin transactions dominate trading volume
In a new post on X, Ethereum Foundation Ecosystem Head James shared some numbers related to stablecoin transactions on the ETH blockchain. Stablecoins refer to cryptocurrencies whose value is pegged to fiat currency.
Because these assets are relatively “stable” in nature, they quickly established themselves as the preferred payment method, with trading volumes exceeding the top five non-stablecoin cryptocurrencies combined.
But what is the nature of these transactions? Below is the data posted by James that shows how transfers related to the Ethereum versions of USDT and USDC break down between retail and business payments.
Businesses seem to be dominating in terms of the volume | Source: @Snapcrackle on X
As seen in the graph, 67% of USDT and USDC transactions on the Ethereum network that occurred between August 2024 and 2025 were of peer-to-peer (P2P) type. Such transactions are typically a sign of activity by retail users.
The transaction volume share of P2P transfers was only 24%, which may be due to the small scale of users involved. In contrast, business-related payments accounted for 76% of transaction value, despite having a transaction share of only 33%.
Members of the Ethereum Foundation obtained data from Artemis’ report on Ethereum stablecoin payment usage. While stablecoins pegged to a variety of currencies exist, Artemis focused on USDC and USDT, which account for 88% of the sector’s market capitalization and are the most popular options, pegged to the US dollar.
These coins circulate on several blockchains, but Ethereum is currently the most dominant network, hosting over 50% of the world’s stablecoin supply. “Also, we only focus on remittance transactions and exclude mint, burn, and bridge transactions from our analysis,” the report states.
Artemis has broken down the way transactions are classified. A transfer is considered P2P if it occurs between two separate users’ Externally Owned Accounts (EOAs).
However, it can be difficult to determine whether a transaction is P2P 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 organizations. “Although our dataset allows us to label many institutional and corporate EOA wallets, the labeling is not perfect, and some EOA wallets that are owned by companies and not documented in our dataset may be incorrectly labeled as personal wallets,” the report explains.
The second category is business-to-business (B2B), which naturally consists of movements made between two institutional EOAs. Transactions between the same institutional entities are classified within the “Internal B” label.
Finally, there is the person-to-business (P2B) category, which takes into account remittances that occur between individuals and businesses. James’ chart combines all business categories into one.
The numbers related to the stablecoin transactions on the Ethereum network | Source: Artemis
ETH price
Ethereum previously rallied above $3,000, but the coin appears to be facing another decline as the price is now back down to $2,950.
The trend in the ETH price over the last five days | Source: ETHUSDT on TradingView
Dall-E, featured image from artemisanalytics.com, chart from TradingView.com
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