Ethereum Q2 2026: Transactions Hit Record 203.9M as Monthly Active Users Fall 30%

Ethereum logged record on-chain activity in Q2 2026, processing 203.9 million transactions even as monthly active users declined sharply. Tokenized assets on the network continued to expand, with stablecoins remaining the dominant driver, according to data from Token Terminal. Token Terminal reported Ethereum's Layer 1 handled 203.9 million transactions in the quarter and averaged 25.9 transactions per second. Monthly active users averaged 9.2 million, down 30% from Q1, but still up 36.6% year over year. Despite fewer active users, transaction volume increased 1.7% quarter over quarter and 68.4% from a year earlier. Total fees rose 31.6% from Q1 to $52.5 million, though they were 49.2% below Q2 2025. Fees were highest in April at $24.5 million, followed by $16.7 million in May and $11.3 million in June. ETH burn revenue more than doubled to $17.1 million. Token Terminal said the burn jumped 112.2% from Q1 but remained 66% below the year-ago level. The burn accounted for about one-third of fees during Q2. On the asset side, Ethereum's tokenized asset market capitalization averaged $203.1 billion in Q2, up 0.3% from Q1 and 38.7% year over year. Stablecoins led at $176.8 billion, while tokenized funds totaled $20.8 billion. Tokenized commodities reached $4.9 billion and tokenized stocks stood at $614.6 million. Ethereum represented 61.6% of stablecoin value across the five largest chains. Ethereum's ecosystem total value locked averaged $287.2 billion, down 9.2% quarter over quarter. Stablecoin issuers accounted for $183.4 billion, or 63.8% of the total. Lending fell 26.1% to $44.1 billion and liquid staking declined 26.2% to $33.3 billion. Real-world asset issuers increased 5% to $16.5 billion. Tokenized U.S. T-bill funds averaged a quarterly record $7.5 billion after three consecutive quarters below $5.2 billion. Franklin Templeton, Ondo Finance and BlackRock each held more than $1 billion in tokenized funds. J.P. Morgan Asset Management launched JLTXX in May with a $100 million commitment at launch, and the product's market cap reached $682.2 million by the end of Q2. Ethereum's fully diluted market capitalization averaged $247.2 billion, down 14.8% from Q1. The staking ratio climbed to 0.32x, an all-time high. ETH holder addresses also hit a record 312.1 million, up 6.6% quarter over quarter and 27.4% year over year.