The recent performance of the stablecoin ecosystem on Ethereum has been booming. According to the latest data, after entering the last quarter of 2025, the transfer volume of stablecoins on the Ethereum network has surpassed $8 trillion, setting a new record. More notably, this is the third consecutive quarter to break the record. Looking back to the beginning of this year, the transfer scale of Ethereum stablecoins has nearly doubled. This continuous upward trend reflects the increasing importance of stablecoins in on-chain applications. Whether it is transaction settlement, cross-chain transfers, or liquidity support for the DeFi ecosystem, stablecoins are playing an increasingly vital role. From a data perspective, Ethereum's position as the main network for stablecoins remains solidified, with its ecosystem's activity and application depth continuing to expand.