Ethereum application revenue reaches all-time high, but will the economic engine drive the next surge?

On October 14, 2025, Ethereum’s daily application revenue hit a record 48 million USD, largely driven by stablecoin transactions through Tether (USDT) and Circle (USDC). However, the revenue later decreased to 35 million USD amid market fluctuations.

While half of Ethereum’s revenue derived from stablecoin swaps, analysts from Coinbase convey concerns that BTC dominance may hinder ETH’s forthcoming growth, suggesting a possible gradual increase in Bitcoin’s market control over the next few months.