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Ethereum and Solana face native token demand risk amid stablecoin routing

Visa data cited by CryptoSlate shows adjusted stablecoin volume rose to $1.3 trillion over 30 days ended Aug. 27, alongside 230.3 million adjusted transactions.

Reported · Written up by our desk · Market Structure

Stablecoin users increasingly interact with apps that route transactions without showing a wallet balance in Ethereum or Solana’s native tokens, but the underlying networks still require fees to be paid in the chain’s native asset, CryptoSlate reports, citing how paymasters and sponsors can cover those costs behind the user interface.

CryptoSlate points to Visa Onchain Analytics, which showed about $1.3 trillion in adjusted stablecoin volume and 230.3 million adjusted transactions over the 30 days viewed on Aug. 27. In the same window, the unadjusted figures were about $6.8 trillion and 1.75 billion transactions, with Visa and Allium using probabilistic address labeling and filtering rules for large holders and transaction counts.

The outlet explains that fee abstraction separates roles that traditional wallets often bundle together, with the user authorizing the action, an intermediary funding execution, and the network charging a native token fee. It notes that “gasless” can be true for a customer while still being misleading about chain economics, since state changing actions on Ethereum require gas.

For Ethereum specifically, CryptoSlate describes how gas is denominated in ETH, including a burned base fee and a priority fee paid to validators, and how account abstraction under ERC-4337 uses a bundler and potentially a paymaster. It says a paymaster must maintain a native-currency deposit at Ethereum’s EntryPoint contract, because EntryPoint verifies the deposit can cover an operation’s maximum cost and then deducts the actual cost.

Latest closeEthereum $2,486.57 ▼0.8%|Solana $106.92 ▲4.7%

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