Ethereum Transactions Surge 41% Amid Stablecoin Dip

Ethereum's blockchain network exhibited mixed signals in recent weeks, with daily transactions surging 41 percent week-on-week to approximately 3.6 million as of late March, even as stablecoin activity hit its lowest levels since mid-December. This divergence underscores a cautious yet evolving ecosystem, where overall usage grows amid reduced transactional demand for major stablecoins like Tether and USD Coin.

Data from on-chain analytics platforms revealed a sharp decline in active addresses for Tether, falling to 202,300, and USD Coin, dropping to 109,300. These figures reflect users holding stablecoins without deploying them for trades or transfers, signaling hesitation in a market where Bitcoin has consolidated below $75,000. Stablecoin supply reached $319.5 billion, with modest weekly growth of 0.65 percent, accounting for nearly 75 percent of trading volume yet showing muted velocity and exchange inflows. Analysts attribute this inactivity to broader market uncertainty, as investors await clearer directional cues.

Despite the slowdown in stablecoin metrics, Ethereum's core activity tells a story of resilience and expansion. Monthly ETH transfers climbed 56.9 percent from...