Stablecoin supply across the Ethereum and Tron ecosystems has reached a new all-time high, climbing above $70 billion according to the latest reports. This represents a remarkable recovery from October 2023's two-year low of $32 billion, with $38 billion added in less than a year - one of the strongest rebounds in market history.
USDT dominates the market with $53 billion (77% share), while USDC holds $14 billion (20% share). USDC's growth has been particularly explosive, with its supply rising by 470% between June 2023 and present, significantly reshaping stablecoin market dynamics. The broader stablecoin market currently stands at $287 billion, with USDT controlling 58.98% of this total.
The rising stablecoin supply is closely tied to increased on-chain and off-chain liquidity, with most growth concentrated on Ethereum and Tron. This suggests investors are directing more activity toward these ecosystems, benefiting TRC-20 and ERC-20 tokens. Ether (ETH) trades at $4,400 with 93% year-to-date gains, while TRON (TRX) at $0.43 has surged 126% year-to-date.
Exchange stablecoin reserves have simultaneously surged past $70 billion, with USDT representing 77% of total exchange holdings at $53 billion. USDC reserves saw explosive growth, increasing from $6.8 billion to $14 billion in just one month during August. Analysts view this accumulation as a strong bullish signal, creating a large pool of capital that can be deployed into the market.