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In the broadening blockchain sector, the Ethereum network remains a dominant force, heavily utilized and constantly selected by crypto players to carry out their on-chain operations. A recent report shows that Ethereum is transitioning from blockchain to the big league, as the network overtakes dollar-denominated transactions across digital payments.
With a surge in stablecoin transfer volume, Ethereum is no longer only a rival in the cryptocurrency space. In a post on the X platform, Leon Waidmann, a market expert and head of research at On-Chain Foundation, reported that ETH is currently surpassing some of the largest traditional payment networks in the world in terms of raw transaction volume.
Data from the post reveals a surge in dollar-denominated transactions on Ethereum, which has triggered new conversations about its increasing prominence as a layer of global settlement. This spike shows that the blockchain’s changing role in finance is becoming more difficult for institutions to ignore as volumes surge past expectations.
With one month remaining in the year, the amount of ETH stablecoin transfers in Q4 has already exceeded that of Q3. According to the data, the leading network has recorded nearly $6 trillion in stablecoin volume in the fourth quarter of this year alone, reflecting its growing demand for payment settlement.
When it comes to dollar-dominated transaction volume, the blockchain has already outpaced both Visa and Mastercard transaction volumes in the current quarter. Given the surge in stablecoin transfer volume, Ethereum is gradually becoming the major settlement layer for digital dollars.
Waidmann stated that the size makes early Decentralized Finance (DeFi) activity appear insignificant by comparison. In the meantime, the conventional financial infrastructure is being surpassed by the on-chain economy.
As demand for Ethereum as the main settlement layer grows, the network is also quietly entering a new phase of its evolution. This change is one that is characterized by accessibility, efficiency, and quickness rather than traffic jams and soaring costs.
Waidmann highlighted that ETH scaling is rising, alongside growing throughput and declining transaction costs. With transaction prices continuously declining and network throughput surging, the blockchain is demonstrating concrete evidence that its long-promised scaling vision is coming to pass.
As a result, Ethereum will be able to handle an increasing amount of activity over time. However, the network’s usage cost continues to decline, drawing close to zero. Currently, Layer 2s take care of the heavy execution while the mainnet settles the valuable transactions. Should these two lines continue to move in opposite directions, ETH is scaling just as planned.
At the time of writing, the price of ETH was still holding above the $3,100 level despite recording a more than 1% decline in the last 24 hours. Its trading volume has also witnessed a bearish action, dropping by over 4% in the past day.
Featured image from Freepik, chart from Tradingview.com
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Citi and Coinbase announced a strategic collaboration to develop digital asset payment capabilities for Citi’s institutional clients, marking a major step in bridging traditional banking and blockchain finance.
According to the joint press release, the partnership’s first phase will focus on streamlining fiat payments using Coinbase’s on and off-ramps infrastructure. Specific details, including potential fiat-to-stablecoin payout methods, will be revealed in the coming months.
Brian Foster, Coinbase’s Global Head of Crypto as a Service, described Citi as an ideal partner due to its global reach and payments expertise. He added that the collaboration underscores Coinbase’s commitment to building infrastructure for the next generation of financial services, simplifying access to digital asset payments for institutional users.
This initiative builds upon Citi’s existing payment solutions, including Citi’s Token Services and 24/7 USD Clearing, both facilitating real-time settlement.
“With more than 300 payment clearing networks across 94 markets globally, we see collaborating with Coinbase as a natural extension of our ‘network of networks’ approach, further supporting our clients to make payments as if there were no borders,” Debopama Sen, Head of Payments Services at Citi, noted.
Coinbase shares have been on an uptrend in recent weeks, boosted by renewed investor confidence in crypto exchanges following political and regulatory developments in the US. The pardon of Binance Co-founder Changpeng Zhao (CZ) by former President Donald Trump on Oct. 23 has restored legitimacy to major crypto exchanges in the United States, indirectly benefiting Coinbase’s market perception.
Coinbase (COIN) stock price performance | Source: Yahoo Finance
According to Yahoo Finance, Coinbase stock traded at $369.50 on Oct. 28, up 4.5% intraday and 7% over the past five days. The rally follows a JPMorgan report published Oct. 25, where the investment bank upgraded Coinbase’s rating from neutral to overweight and raised its price target from $342 to $404.
Coinbase’s recent partnership with Citi Bank to advance institutional digital asset payments has reignited market optimism for speculative early-stage projects like Pepe Node (PEPENODE).
Pepe Node is emerging as one of the standout projects in this expanding digital asset landscape. The platform lets users own virtual meme coin mining rigs, merge nodes for higher yield, and earn additional rewards from network participation.
Pepe Node presale
Currently priced at $0.0011, the Pepe Node presale has raised over $1.9 million of its $2.1 million target. With the next price tier approaching in just over 48 hours, investors still have an opportunity to secure allocations through the official Pepe Node website before the presale closes.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
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Bloomberg ETF analyst James Seyffart argues the current market represents an altcoin season through digital asset treasury companies rather than traditional token price rallies, with upcoming ETF approvals unlikely to replicate Bitcoin’s institutional success.
During a Sept. 4 interview with Milk Road, Seyffart said digital asset treasury companies (DATCO) have generated massive returns while individual altcoins remain relatively subdued compared to previous cycles.
He added:
“I think this is the alt season. This has been the alt season. These DATCOs, I mean, they’ve been on absolute fire.”
Further, the SEC’s new framework for cryptocurrency ETFs positions approximately ten assets for immediate approval, including Dogecoin, Chainlink, Stellar, Bitcoin Cash, Avalanche, Litecoin, Shiba Inu, Polkadot, Solana, and Hedera.
Additional tokens, like Cardano and XRP, could qualify within months once futures contracts reach the six-month requirement on CFTC-regulated exchanges.
However, Seyffart tempers expectations for altcoin ETF demand compared to Bitcoin products. He noted:
“Is it going to be the level of interest that a Bitcoin, the Bitcoin ETF launch had? I absolutely not.”
Seyffart expects basket products containing multiple cryptocurrencies to attract significantly more institutional capital than individual altcoin ETFs.
Two such products from Grayscale and Bitwise await SEC approval after receiving stay orders following initial technical approval.
Seyffart noted that investment advisors prefer diversification over concentrated positions in individual altcoins. Bitwise’s product holds ten assets while Grayscale’s contains five cryptocurrencies in market cap-weighted allocations.
The framework requires futures contracts to be traded for six months on CFTC-regulated exchanges, with Coinbase Derivatives serving as the primary qualifying platform. This outsources asset selection criteria to CFTC oversight while potentially allowing questionable projects into ETF wrappers.
Seyffart questioned whether traditional altcoin seasons will materialize as institutional money drives cryptocurrency performance. He observed:
“I just don’t see a ton of institutional money coming into the 31st ranked crypto.”
Digital asset treasury companies have absorbed capital that historically flowed into altcoins during bull markets. Strategy’s financial engineering allows investors to gain leveraged cryptocurrency exposure through traditional equity markets rather than direct token purchases.
Seyffart views current market conditions as increasingly institutionalized, with sophisticated players entering crypto markets.
This structural shift may permanently alter altcoin rally patterns as traditional finance channels provide easier access to crypto exposure through regulated products rather than direct token ownership.
Ethereum ETFs demonstrate this dynamic, generating substantial inflows after an initial sluggish performance, but failing to drive widespread momentum in altcoins.
The pattern suggests that institutional preferences favor established assets over speculative alternatives, regardless of the merits of the underlying blockchain technology.
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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