Stablecoin Users Route Around ETH and SOL, Threatening Native Token Demand

The Ethereum and Solana networks are hosting trillions of dollars in transactions, but their native tokens may be at risk of losing direct consumer demand.

This is because stablecoin users are increasingly using apps that route around ETH and SOL, instead relying on paymasters, sponsors, or infrastructure providers to settle network fees.

According to Visa's Onchain Analytics dashboard, about $1.3 trillion in adjusted stablecoin volume and 230.3 million adjusted transactions occurred over the 30 days ending August 27.

At the same time, the native-token demand debate has turned on who funds execution, manages fee balances, and absorbs volatility after user-facing requirements disappear.