The total supply of stablecoins on the Ethereum network has reached an all-time high of $166 billion, marking a significant milestone that solidifies Ethereum's role as the primary settlement infrastructure for decentralized finance (DeFi). This represents a substantial increase from $149.5 billion just one month ago, with Ethereum now commanding over 57% of the global stablecoin market share.
USDT maintains its dominance with $87.8 billion of the total supply, followed by USDC at $48 billion. The growth has been particularly driven by institutional participation and asset tokenization, with companies like BlackRock tokenizing $12 billion worth of U.S. Treasuries directly on Ethereum.
Vincent Liu, CIO of Kronos Research, noted: "This record Ethereum stablecoin supply represents a shift from a speculative asset to the backbone of dollarization in the DeFi ecosystem. It also demonstrates that liquidity is now strong enough to absorb macroeconomic volatility." Similarly, LVRG Research Director Nick Ruck emphasized that this milestone signifies "a large increase in institutional liquidity and deepening confidence in Ethereum's infrastructure."
The increased stablecoin supply has already translated into heightened network activity, with Ethereum processing 1.66 million daily transactions. Additionally, staked ETH reached $43.7 billion, enhancing both network security and transactional liquidity. Historical data from the 2021 and 2024 bull cycles shows that similar surges in stablecoin supply have previously driven spikes in DeFi's Total Value Locked and broader market rallies.
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