In 2025, the average number of unique sending addresses for stablecoins on Ethereum reached 720,000 per week, and for the first time in the past two weeks, it exceeded 1 million. Over the past year, this figure has grown exponentially, with an average weekly increase of over 1.7% since August 2024. Analysis indicates that this growth is primarily driven by the increase in stablecoin adoption; in addition, perpetual contracts, prediction markets, and most real-world asset tokenization (RWA) projects are settled in stablecoins, generating a large number of new addresses with each new application. As the primary settlement layer, Ethereum captures inflows, rebalancing, and payment liquidity, thereby driving an increase in active addresses.