Stablecoin Volume Erodes Native Token Demand

Ethereum and Solana are home to trillions of dollars in transaction volume, but their native tokens may be at risk of losing direct consumer demand.

According to Onchain Analytics' dashboard provided by Visa, there were $1.3 trillion in adjusted stablecoin volume and 230.3 million adjusted transactions over the 30 days ending August 27.

The same window contained about $6.8 trillion and 1.75 billion transactions before adjustment.

As users increasingly see apps routing around ETH, SOL, and other non-stablecoin tokens, a question arises: who funds execution, manages the fee balance, and absorbs volatility after the user-facing requirement disappears?