Ethereum has achieved a monumental milestone in stablecoin adoption, adding approximately $5 billion in stablecoins over the past week to reach an all-time high supply of $165 billion. This represents more than double the stablecoin supply since January 2024, according to data from Token Terminal.
The network now commands a dominant 57% market share of all stablecoins across blockchains, significantly ahead of Tron's 27% and Solana's less than 4%. This growth is driven by Ethereum's position as the preferred platform for institutional tokenization, with $2.4 billion worth of tokenized gold on the network - another all-time high that has doubled since January 2024.
Ethereum's dominance extends to tokenized commodities with a 77% market share, which rises to 97% when including Polygon. The network also controls over 70% of the market for tokenized US Treasuries, the second-largest asset class onchain. This institutional adoption has been accelerated by major players like Fidelity, which launched its Digital Interest Token (FDIT) on Ethereum on September 1, valued at $203.6 million.
Retail adoption has simultaneously reached record levels, with stablecoin transfers under $250 hitting $5.84 billion in August alone - already surpassing all of 2024's volume. A survey of over 2,600 consumers across emerging markets found 70% are using stablecoins more frequently than last year to avoid banking fees and slow transfer times.
The institutional demand has significantly impacted ETH's price performance, with Ether surging more than 200% since April to approach $5,000 by August 2024. Treasury corporations accumulated nearly 4% of Ethereum's entire supply in just five months, demonstrating massive institutional accumulation.