The market for tokenized U.S. Treasuries on Ethereum reached an all-time high of approximately $8 billion in total market capitalization, doubling in value over the past six months, according to data from Token Terminal. The milestone signals accelerating institutional adoption of blockchain for real-world asset integration. Ethereum remains the dominant network for tokenized treasuries, hosting major platforms focused on institutional-grade financial products.
In parallel, Bitwise CIO Matt Hougan predicted that stablecoin payout pilots by large technology firms could propel the stablecoin market from around $300 billion today to $4 trillion by 2030. Hougan noted that DoorDash, working with Stripe, has started testing stablecoin payouts for its approximately 10 million Dashers across more than 40 countries. Meta has rolled out similar payment programs for creators in the Philippines and Colombia, utilizing the Solana and Polygon networks to distribute earnings. While the dollar amounts are still small, the operational simplicity of sending payments via a single wallet address without traditional banking intermediaries increases Hougan’s conviction in long-term adoption.
Data from CoinGecko shows dollar-pegged stablecoin supply has climbed past $302 billion, with Tether (USDT) at about $189.5 billion and Circle’s USDC at roughly $79 billion. Traditional payment firms are also building stablecoin infrastructure: Western Union introduced its USDPT stablecoin on Solana for continuous settlement across more than 200 countries, and Visa reported that its stablecoin settlement pilot reached a $7 billion annualized run rate, spanning nine blockchains and over 130 card programs in more than 50 countries.
Further supporting the trend, Andreessen Horowitz’s crypto arm raised $2.2 billion for its fifth fund, identifying stablecoins as a key area of sustained usage. The partnerships and regulatory progress, including movement on the GENIUS Act in the U.S., could provide clarity and fuel further expansion in on-chain finance, reinforcing the role of public blockchains in global payments and asset tokenization.
