Ethereum entered September with a very contradictory note. On the one hand, the token price continues to approach the $4,300 level, and after touching on the all-time high of 4,957 on August 24th, it almost brushes against $4,500 resistance.
Messari has made the figure higher at $39.2 million, but both reports show that revenue has declined despite upgrades that reduce users’ costs. At the same time, Ethereum’s Stablecoin Supply grew rapidly, adding about $5 billion in a week, bringing its total to a record $165 billion. These contrasts began debating whether Ethereum focuses on commission intake for the future of tokens.
Ethereum expansion in 2025
The appeal of Ethereum in 2025 goes far beyond practical, real-world applications. Transfer platforms that move funds between nations rely on stubcoins for cost savings and speed. Digital art and ticketing services use Ethereum to resolve sales and provide faster and clearer records for creators and fans. Some dining venues and ride services now accept payments on the chain, eliminating card processing fees and delays in payments.
Even niche platforms tap on Ethereum’s rails. Game platforms like Sandbox sell in-game assets, sell land via Ethereum-based sand tokens, and gambling platforms Coin Casino Crypto Casino It also supports and accepts Ethereum-based deposits and payments quickly, allowing users to access a variety of games, exclusive bonuses, and security improvements. Additionally, healthcare claims pilots, payroll courts for remote workers, and business-to-business transactions also use Ethereum collateral tokens to route funds. This shows how much Ethereum’s mainstream acceptance has progressed in 2025.
Despite the growing use cases of Ethereum, revenue appears to be falling, whilst activities appear to be up and down. Ethereum’s finances look weak on paper, but network usage costs have been falling due to several other factors, not due to weakening demand.
Why revenue fell in August
Ethereum’s revenue declined was not coming out of nowhere. A recent Dencun upgrade earlier this year ensured that transactions are much cheaper on Layer 2 networks. It is designed to handle more activities without pushing costs hard. These changes reduced the total fees for the base chain.
In August 2025, network prices fell approximately 20% in a month to $39.7 million. Users benefited from reduced costs, but revenue metrics showed demand seemed a little weaker. To observers used to identify high gas prices with success, these numbers can seem misleading.
This fall also reflects a comparison of year-on-year comparisons, which seem relatively harsh. Revenues have fallen by about 75% compared to August 2024 when gas prices were much higher. Today, more people will be able to trade without thinking twice about costs. Ethereum designers see it as a success, even if the data is waning.
Stubcoins will surge to record levels
Ethereum saw about influx $5 billion in a week in late Augustwhich is equivalent to about $1 billion per day. That growth has brought the total supply of stubcoin on the network to a record $165 billion. RWA.xyz makes the figure slightly lower at $158.5 billion, but both confirm that Ethereum accounts for more than half of the global market.
This growth is not limited to mere dollar-covered tokens. Ethereum has about $2.4 billion worth of tokenized gold is in circulation, but the US Treasury Department, which has been tokenized, has also gained traction. For investors, these assets provide predictable value and efficiency in blockchain payments. In the case of Ethereum, they show that lower fees are working as intended, ensuring that the network is useful for everyday financial activities.
Traders and long-term users
Ethereum revenue issues are important for analysts and traders tracking short-term trends. Whale wallets have sold around $254 million worth of ETH in recent weeks, putting pressure on token prices. Currently, support is around $4,200 and resistance is $4,500. Traders view these levels as important markers of whether ETH can increase another push.
However, long-term users tend to pay more attention to adoption trends. For them, the sudden rise in stubcoins and tokenized assets Signs of greater use of Ethereum infrastructure. Also, lower fees means pay testing, retail checkouts, and large amounts of applications can work reliably without exorbitant costs. The tension between lower revenues and higher usage captures the difference between short-term price monitors and companies built on the chain.
Ethereum as a financial infrastructure
What’s impressive about August’s data is how it highlights the changing role of Ethereum. In early years, networks were judged by the size of the toll revenue. Higher fees were considered evidence of demand. That view doesn’t really make much sense now. At lower rates, Ethereum doesn’t look like a toll road, but actually looks like a financial infrastructure that can handle stable flows at a low cost.
The adoption of Stablecoin clearly shows this. With each new Stablecoins dollar, there is the possibility of payment applications, cross-border transfers, and business tally. Merchants who accept on-chain dollars don’t really care if their network fees are high or low. They are interested in reliability and reach. The speed of Stablecoin growth indicates that Ethereum has gained trust as a payment layer for a variety of use cases.
Institutional and retail activities
Ethereum’s role as a financial infrastructure is also strengthened by who is using it. Today, Ethereum stubcoins are used by retailers, international businesses and institutions alike. For finance professionals, Ethereum’s tokenized Treasury creates opportunities to manage cash in new ways. For regular users, dollar-pegged stablecoins provide a stable payment method. Casinos, video game platforms, music loyalty, and even collectibles are part of this flow. They show how Ethereum reach ranges from traditional finance to different sectors, gaining every aspect of the market.
Institutional investors believe Ethereum’s security and liquidity is also valuable. Stubcoins are attractive because they are easy to audit and allow you to quickly move across boundaries. As adoption grows, Ethereum will gain relevance through ongoing use across the industry, rather than a surge in fees.
What to see in September
Will Ethereum be able to maintain price momentum while revenue is under pressure in the future? There is no doubt that traders are closely watching their $4,500 resistance level. A clean break can create a path to new highs. If you fail to hold $4,200, you could see a sharp drop. At the same time, analysts will track whether Stablecoin influx continues at a recent pace and whether tokenized assets add more volumes.
The big picture shows that Ethereum has become a digital finance payments network. While that revenue may not match historical peaks, recruitment metrics suggest that network value is increasingly measured in usage rather than in total fees.
Conclusion
Ethereum’s August figures tell two very different stories. Revenue fell 44%, proven to be one of the most sharp monthly declines in recent years. At the same time, the influx of stubcoin has surged, with total supply boosting supply to record levels, strengthening Ethereum’s role as a global finance settlement layer. Traders can focus on support and resistance levels, but long-term growth depends on usage. With tokenized gold, the Treasury and stubcoins expanding on rails, Ethereum is firmly positioned as a financial infrastructure rather than a fee-defined network. The inconsistency between lower incomes and increasing adoption is likely to prove to be the most accurate picture of Ethereum’s future.