Ethereum network activity has surged to nearly 1.87 million daily transactions, driven primarily by stablecoin usage and exchange-traded fund (ETF) operations, prompting discussions about the sustainability of this growth trend.
Stablecoins including Tether and USD Coin constitute major contributors to this transaction spike, reflecting their expanding utility in crypto markets. The recent passage of the GENIUS Act, establishing regulatory clarity for stablecoins, has further supported this activity by enhancing market dynamics and institutional engagement.
Increased trading volume in meme coins alongside ETF-related operations provide additional momentum for Ethereum’s transaction growth. This surge places Ethereum in heightened competition with alternative platforms such as Solana, as networks vie for market share amid escalating activity.
Blockchain analytics expert Jake Kennis, Senior Research Analyst at Nansen, noted a direct correlation between the GENIUS Act’s regulatory framework and rising stablecoin transaction volumes. Market observers continue to evaluate whether current network usage levels represent a durable trend or temporary market behavior.