Three 40 wt % Pt/C electrocatalysts prepared using two different approaches—the polyol process and electrochemical dispersion of platinum under pulse alternating current—and a commercial Pt/C catalyst (Johnson Matthey prod.) were examined via X-ray diffraction (XRD) and transmission electron microscopy (TEM). The stability characteristics of the Pt/C catalysts were studied via long-term cycling, revealing that, for all cycling modes, the best stability was achieved for the Pt/C catalyst with the largest platinum nanoparticle sizes, which was synthesized via electrochemical dispersion of platinum under pulse alternating current. Our results show that the mass and specific electrocatalytic activities of Pt/C catalysts toward ethanol electrooxidation are determined by the value of the electrochemically active Pt surface area in the catalysts.