Ethereum, Solana stake claim at on-chain dollar liquidity leader

Ethereum mainnet now processes between $90 billion and $100 billion in stablecoin transfers daily, according to Leon Waidmann, head of research at Onchain Foundation.

This comes as Solana’s on-chain SOL-USD volumes have grown to the point of being comparable to and even surpassing major centralized exchanges, like Binance and Bybit, highlighting its growing importance for real-time trading and liquidity recycling.

Where is crypto liquidity parked?

Questions about Ethereum’s dominance of the stablecoin volume and activity sector vanished when it posted a historic month in October 2025, processing approximately $2.82 trillion in stablecoin transfers, the highest monthly volume ever recorded.

In November, its stablecoin transaction volume reached $1.94 trillion, and so far in December, it has done $1.61 trillion, according to data from The Block. The major stablecoin is USDT, which dominates by over 52%.

“Ethereum is not just another smart contract platform. It has become the settlement layer for global dollar liquidity,” Waidmann wrote on X. “When serious money moves, it still settles on Ethereum mainnet. Not because it is the fastest. Because it is the most trusted.”

By sheer scale, Ethereum has a stranglehold on being the primary settlement layer for institutional dollar flows, but Solana has made its case to a growing audience too. The network’s on-chain SOL-USD volume has exceeded the combined spot trading volume on Binance and Bybit for three consecutive months, according to Kaviish Sethi, who works in data and research at Artemis.

Solana’s appeal lies in its high throughput and low transaction costs, which make it well-suited for frequent trading, payments, and smaller-value transfers.

Solana or Ethereum?

While Ethereum dominates in settlement and high-value flows, Solana is establishing itself as a venue where liquidity is actively used, recycled, and traded, reinforcing its role as a market-facing layer of the ecosystem. The stablecoin dominating the Solana markets is Circle’s USDC, which leads by over 68%.

The stablecoin supply on Solana has risen to record levels, sitting at over $15 billion in market capitalization, having hit over $16 billion a few months ago, although this pales in comparison to Ethereum’s total stablecoin market cap of over $167 billion.

“Solana isn’t just a memecoin chain. It’s becoming the liquidity layer of crypto,” Sethi stated. “This is what real adoption looks like.”

The growth of both ecosystems shows that the crypto industry is growing beyond single-chain maximalism, because there’s also Tron, which is known to be one of the leading platforms for stablecoin, mostly USDT transactions.

Stablecoin adoption has also increased globally as more jurisdictions, like the United States, have put out laws that regulate its issuance, among other guidelines.

“Stablecoins made blockchains useful,” Waidmann concluded. “Ethereum made stablecoins reliable,” though Solana’s trajectory of innovative performance shows that reliability now comes in multiple forms, with both blockchains positioning themselves to capture the distinct segments of on-chain dollar liquidity.

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