Ethereum payments keep climbing, with the ecosystem handling 27 million daily transactions. That exceeds several European digital payment operators, according to the source. Meanwhile, network activity continues to concentrate around stablecoins.
Ethereum outpaces major payment rails
According to the source, Ethereum’s 27 million daily transactions surpass the U.K.’s Faster Payments at 11 million and Germany’s Girocard at 22 million. As a result, on-chain settlement is now rivaling established rails in raw throughput. Still, differences in transaction types and user bases remain.
Stablecoins set a new high on Ethereum
Ethereum continues to dominate the stablecoin market. As of September 17, 2025, the combined supply of dollar-pegged stablecoins on Ethereum reached a record $166 billion, driven largely by USDT and USDC. Consequently, Ethereum payments volume is increasingly anchored by stablecoin transfers.
For context, stablecoins are crypto tokens pegged to fiat currencies. They enable near-instant settlement and global reach. However, they also depend on issuer reserves and compliance frameworks. Readers can review an overview on Wikipedia for background.
Fusaka upgrade aims at major scalability gains
Looking ahead, the upcoming Fusaka upgrade is scheduled for December 3, 2025. It is projected to boost Layer 2 transaction speeds to over 100,000 TPS while reducing gas fees by an estimated 70%. If delivered, Ethereum payments could scale further, lowering costs for everyday transfers.
Key implications:
– Higher throughput may keep activity on Ethereum’s Layer 2 networks.
– Lower fees could expand stablecoin and micropayment use cases.
– Throughput gains may attract more institutional settlement flows.
For a primer on how these tokens function under the hood, see our guide to how stablecoins work. Overall, the network’s momentum suggests Ethereum payments will remain a focal point through the Fusaka rollout.
