Data shows that 67% of Ethereum transactions involving the USDT and USDC stablecoins are P2P in nature, but the majority of the volume is elsewhere.
Business-Related Ethereum Stablecoin Transactions Dominate Volume
In a new article on X, James, Head of the Ethereum Foundation Ecosystem, shared some figures related to stablecoin transactions on the ETH blockchain. Stablecoins refer to cryptocurrencies whose value is tied to fiat currency.
As these assets are relatively “stable” in nature, they have quickly established themselves as the preferred method of payment, with their volume surpassing that of the top five non-stable cryptocurrencies.
But what is the nature of these transactions? Below is the data published by James, showing how transfers linked 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 the chart shows, 67% of USDT and USDC transactions on the Ethereum network that occurred between August 2024 and 2025 were peer-to-peer (P2P). Such transactions are usually a sign of activity on the part of individual users.
The small size of the users involved could explain why the share of transaction volume in P2P transfers was only 24%. In contrast, business-related payments accounted for 76% of volume, although they only account for a 33% share of transactions.
The Ethereum Foundation member obtained data from Artemis’ report on the use of Ethereum stablecoin payment. While there are stablecoins pegged to various currencies, Artemis has focused on dollar-pegged USDC and USDT as these are by far the most popular options, occupying 88% of the sector’s market capitalization.
These coins circulate across multiple blockchains, but Ethereum is currently the most dominant network, hosting over 50% of the global stablecoin supply. “We also focus only on transfer transactions and exclude any mint, burn, or bridge transactions from our analysis,” the report states.
Artemis explained how she classifies transactions. Transfers are considered P2P if they occur between the external accounts (EOAs) of two separate users.
Determining whether a transaction is P2P can be tricky, however, since it is not always possible to determine whether two accounts belong to different entities. Problems also arise for wallets owned by exchanges and other centralized entities. “In our dataset, we are able to label many institutional and corporate EOA portfolios; however, the labeling is not perfect and some EOA portfolios that belong to firms and are not documented in our dataset may be incorrectly labeled as individual portfolios,” the report explains.
The second category is that of business to business (B2B), naturally made up of travel taking place between two institutional EOAs. Transactions between the same institutional entity fall under the “Internal B” label.
Finally, there is the P2B (person to business) category, which represents transfers between individuals and businesses. James’ table combines all business categories into one.
The numbers related to the stablecoin transactions on the Ethereum network | Source: Artemis
ETH Price
Ethereum recovered above $3,000 earlier, but it seems the coin has faced a pullback again as its price is now back at $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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