Ethereum logs record 8.7M new smart contracts in Q4 2025 as RWA and stablecoins expand

In the fourth quarter of 2025, Ethereum's onchain development hit an all-time high with 8.7 million new smart contracts deployed, according to Token Terminal. The surge was primarily linked to real-world asset tokenization, stablecoin usage and infrastructure projects, even as Ether's price hovered near $3,000 after retreating from levels close to $5,000 earlier in the year. Ethereum also continues to dominate RWA deployments and hosts more than half of the $307 billion stablecoin supply in circulation.