October 15th 2026, 3:56 PM
Ethereum Dominates Stablecoin Volume Amid Layer-2 Surge
Key Summary
Ethereum's layer-2 networks settled 77% of stablecoin volume, with $16.75 trillion in transfers over the past 90 days, according to a report from Ethereum Institutional. This highlights the ecosystem's remaining default venue for serious stablecoin flows, despite a shift towards lower-cost layer-2 networks.
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Key Findings
According to a report from Ethereum Institutional, $16.75 trillion in stablecoin transfer volume settled on Ethereum mainnet and its layer-2 networks between July 15 and October 12, 2026.The Breakdown
The most interesting detail sits inside the total, in the breakdown by network.Where the Money Actually Moved
Ethereum mainnet settled $7.1 trillion in stablecoin transfers during the period. Base, the layer-2 network, settled $8.5 trillion. Optimism handled $0.8 trillion, and a collection of other Ethereum layer-2s accounted for the remaining $0.35 trillion.Market Implications
The report notes that no new protocol launches or issuer-specific announcements occurred during the period. The volumes reflect ongoing trends rather than a sudden change in market structure.What This Means for Investors and Builders
A 77% share of transfer volume signals that Ethereum's ecosystem remains the default venue for serious stablecoin flows.Conclusion
The Base figure complicates the story in an interesting way. Value captured by layer-2 networks does not necessarily flow back to Ethereum mainnet in proportion to the activity.- \1\1\1
#Ethereum#Stablecoins#Layer2#DeFi