Ethereum stablecoin transactions skew heavily toward peer-to-peer transfers, but institutional activity accounts for most trading volume. Data from a recent blockchain analysis reveals the split between retail and business usage on the network.

What Happened: Transaction Analysis

Between Aug. 2024 and January 2025, 67% of USDT and USDC transactions on the Ethereum blockchain were peer-to-peer transfers, according to data shared by James, head of ecosystem at the Ethereum Foundation. The figures, sourced from an Artemis report, examined stablecoin payment patterns on the network.

Despite dominating transaction counts, P2P transfers represented just 24% of total volume. Business-related payments accounted for 76% of volume while comprising only 33% of transactions.

The analysis focused on USD-pegged stablecoins, which control 88% of the sector's market capitalization. Ethereum hosts more than 50% of global stablecoin supply, making it the dominant network for these assets.

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Why It Matters: Volume Distribution

The data illustrates a clear divide between retail and institutional stablecoin usage patterns. Smaller individual transfers generate high transaction counts but limited value movement, while business payments drive most actual volume despite fewer transactions.

Artemis classified transactions by wallet type, categorizing transfers between externally owned accounts as peer-to-peer activity.

The research excluded minting, burning and bridge transactions from its scope. The firm acknowledged labeling limitations for some institutional wallets, which could affect classification accuracy.

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