Stablecoin ‘dust’ txs on Ethereum grow 3x post-Fusaka: Coin Metrics

Stablecoin-fueled dusting attacks are present estimated to marque up 11% of each Ethereum transactions and 26% of progressive addresses connected an mean day, aft the Fusaka upgrade made transactions cheaper, according to Coin Metrics. 

Ethereum is present seeing much than 2 cardinal mean regular transactions, spiking to astir 2.9 cardinal successful mid-January, on with 1.4 cardinal regular progressive addresses — a 60% summation implicit anterior averages.

The Fusaka upgrade successful December made utilizing the web cheaper and easier by improving onchain information handling, reducing the outgo of posting accusation from layer-2 networks backmost to Ethereum.

Digging done the particulate connected Ethereum

Coin Metrics said it analyzed implicit 227 cardinal equilibrium updates for USDC (USDC) and USDt (USDT) connected Ethereum from November 2025 done January 2026.

It recovered that 43% were progressive successful transfers of little than $1 and 38% were nether a azygous penny — “amounts with insignificant economical intent different than wallet seeding.”

“The fig of addresses holding tiny ‘dust’ balances, greater than zero but little than 1 autochthonal unit, has grown sharply, accordant with millions of wallets receiving tiny poisoning deposits.”

Pre-Fusaka, stablecoin particulate represented astir 3 to 5% of Ethereum transactions and 15 to 20% of progressive addresses, it said. 

“Post-Fusaka, these figures jumped to 10-15% of transactions and 25-35% of progressive addresses connected a emblematic day, a 2-3x increase.”

However, the remaining 57% of equilibrium updates progressive transfers supra $1, “suggesting the bulk of stablecoin enactment remains organic,” Coin Metrics stated.

Median Ethereum transaction size fell sharply aft Fusaka. Source: Coin Metrics

Users request to beryllium wary of code poisoning

In January, information researcher Andrey Sergeenkov pointed to a 170% summation successful new wallet addresses successful the week starting Jan. 12, and besides suggested it was linked to a question of code poisoning attacks taking vantage of low state fees. 

These “dusting” attacks typically impact malicious actors sending fractions of a cent worthy of a stablecoin from wallet addresses that lucifer morganatic ones, duping users into copying the incorrect code erstwhile making a transaction.

Related: Ethereum enactment surge could beryllium linked to dusting attacks: Researcher

Sergeenkov said $740,000 had already been mislaid to code poisoning attacks. The apical attacker sent astir 3 cardinal particulate transfers for conscionable $5,175 successful stablecoin costs, according to Coin Metrics.

Dust does not correspond genuine economical usage

Coin Metrics reported that astir 250,000 to 350,000 regular Ethereum addresses are progressive successful stablecoin particulate activity, but the bulk of web maturation has been genuine.  

“The bulk of post-Fusaka maturation reflects genuine usage, though particulate enactment is simply a origin worthy noting erstwhile interpreting header metrics.”

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