Ethereum, the world’s leading smart contract blockchain, celebrates its tenth anniversary this week. Over the past decade, Ethereum has transformed from a small-scale experiment into one of the most significant forces in global finance, powering an ecosystem that now sees trillions of dollars in activity annually.
Recent industry data reveals that stablecoins—cryptocurrencies pegged to traditional currencies and largely powered by networks like Ethereum—reached an annual global transaction volume of $27.6 trillion in 2024. This figure surpasses the combined payment processing volumes of financial giants Visa and Mastercard by 7.7%, based on an analysis published earlier this year. The surge in stablecoin usage was driven by both individual users and automated trading bots, particularly across networks including Ethereum and Solana.
Ethereum not only facilitates stablecoin transactions, but also underpins decentralized exchanges, lending platforms, derivatives markets, and NFTs. Despite processing massive volumes, Ethereum’s user base remains relatively small compared to traditional payment networks: Visa and Mastercard each serve billions of cardholders globally, while Ethereum is used directly by roughly 10 million people every month[3].
The rapid ascent of stablecoins and decentralized platforms is prompting payment industry incumbents to adapt. Both Visa and Mastercard have piloted programs using stablecoins for cross-border payments and sought regulatory approvals for digital asset services, though they continue to dominate everyday retail transactions. Industry analysts note that while stablecoins have achieved significant transaction volumes, much of this activity remains concentrated in crypto trading and decentralized finance, rather than mainstream consumer purchases or remittances.
As Ethereum enters its second decade, experts forecast continued evolution and competition between blockchain-based networks and traditional payment systems. Whether Ethereum and stablecoins will achieve broader usage outside the cryptocurrency sector—and how Visa and Mastercard will respond—remains a key question for the future of global finance.
