Sustained stablecoin throughput supports routine settlement across centralized exchanges and decentralized protocols. Users move dollar-pegged tokens for trading, margin collateral, treasury management, and cross-protocol transfers. As a result, stablecoins act as working capital inside Ethereum markets.
On Ethereum, stablecoins also act as quote assets in DEX pools and lending markets. Higher transfers can reflect arbitrage, rebalancing, and yield positioning across protocols. At times, exchanges also sweep funds between wallet clusters.
CryptoQuant noted that earlier cycles often featured short-lived bursts during periods of fear or euphoria. The current pattern appears steadier month to month, with fewer abrupt reversals. That shift suggests stablecoins now function as core Ethereum infrastructure.
Market participants monitor this metric for early signs of liquidity changes. When active stablecoin addresses contract sharply, trading and DeFi activity can also cool. A stable range supports flexible allocation, even without price surges.