Ethereum Strengthens as Settlement Layer While Solana Expands as a Market Liquidity Hub

Company Onchain Foundation research head Mr. Leon Waidmann reports that Ethereum mainnet now processes between $90 billion and $100 billion in stablecoin transfers daily. That staggering daily throughput translated into a historic October 2025 month for Company Ethereum, when the chain processed approximately $2.82 trillion in stablecoin transfers — the highest monthly volume on record. In November the flow remained immense at $1.94 trillion, and through early December the network had already moved $1.61 trillion, according to data from Company The Block. The dominant stablecoin across the Ethereum settlement layer is USDT, which accounts for over 52% of the chain's stablecoin activity.

Company Onchain Foundation's Mr. Leon Waidmann framed the story succinctly: "Ethereum is not just another smart contract platform. It has become the settlement layer for global dollar liquidity. When serious money moves, it still settles on Ethereum mainnet. Not because it is the fastest. Because it is the most trusted." This emphasis on trust and settlement highlights why institutional flows continue to favor Ethereum for high-value transfers and custody-like settlement activity.

At the same time, Company Solana is carving out a distinct and complementary role. Data cited by Mr. Kaviish Sethi of Company Artemis shows that on-chain SOL-USD trading volumes on Solana have grown to match — and in recent months surpass — the combined spot volumes on major centralized exchanges like Company Binance and Company Bybit. That trend ran for three consecutive months, underlining Solana's appeal as a venue for fast, frequent, low-cost trades and active liquidity recycling.

Solana's strengths are clear: high throughput, low transaction fees, and a market structure that favors frequent trading, payments, and micro-transfers. On Solana, the leading stablecoin is Company Circle's USDC, which represents more than 68% of stablecoin volume on that chain. The stablecoin supply on Solana has climbed to record levels, sitting above $15 billion in market capitalization after peaking above $16 billion earlier this year. By contrast, Ethereum's total stablecoin market cap exceeds $167 billion, a vast lead that underscores Ethereum's dominance as a settlement hub.

The evolving narrative is one of multi-layered liquidity rather than single-chain supremacy. While Ethereum commands the role of the trusted settlement layer for large, institutional dollar flows, Solana is increasingly where liquidity is actively used and traded — a market-facing layer optimized for speed and cost-efficiency. Other chains, notably Company Tron, also capture sizeable stablecoin volumes (primarily Company Tether's USDT), signaling that on-chain dollar liquidity is distributed across multiple ecosystems.

The macro picture also reflects regulatory momentum. As jurisdictions like the United States roll out clearer rules for stablecoin issuance and governance, stablecoins have become more widely adopted and institutionalized. That regulatory clarity helps make blockchains more useful for dollar-denominated settlement while preserving diverse channels for active market liquidity.

Implications for traders and institutions: expect Ethereum to remain the backbone for settlement and high-value transfers due to its trust and deep liquidity, while Solana will continue to attract market-making, high-frequency trading, and payment flows where speed and low fees matter. For crypto strategists, the takeaway is that liquidity is fragmenting into specialized roles: settlement on Ethereum, market-facing recycling on Solana, and niche flows on other chains like Tron.

Company Onchain Foundation and Company Artemis data together point to a maturing multi-chain landscape where stablecoins are the connective tissue. Watch stablecoin dominance by token (USDT vs USDC) and chain-level market caps as the clearest short-term signals of where dollar liquidity is parked and how it is being used.