Ethereum stablecoin supply hits $180B all-time high: Token Terminal

The onchain value of stablecoins on the Ethereum network has reached an all-time high of $180 billion, according to blockchain analytics firm Token Terminal.

Ethereum holds 60% of the market share in stablecoins, which have seen a 150% increase in onchain value over the past three years, the firm reported Tuesday.

The company projected that around $1.7 trillion is expected to come on-chain across all networks over the next four years and that Ethereum could see $850 billion in “new flows” by 2030, if it grows 470% in that time.

It comes after Standard Chartered predicted in late 2025 that more than $1 trillion may exit banks and flow into stablecoins by 2028.

Ethereum has been the dominant network for stablecoins and tokenized real-world assets (RWA), with major financial institutions such as BlackRock, JPMorgan and Amundi launching tokenized funds on the network as the total stablecoin supply reached a record $315 billion in the first quarter.

Projections for stablecoin growth on Ethereum. Source: Token Terminal

Momentum supports bull cycle driven by tokenized assets

Real-world asset metrics provider RWA.xyz reports a slightly lower figure of $168 billion in stablecoin value on Ethereum.

It also confirms that Ethereum is the industry leader with a market share of 56%. This increases to over 65% when EVM (Ethereum Virtual Machine) and layer-2 networks such as Arbitrum, ZKsync Era, and Base are included.

Related: Stablecoin supply reaches $315B in Q1 as USDC rises, USDT declines

The data highlights Ethereum’s dominance in stablecoins and on-chain liquidity, “fueling strong positive sentiment and crypto’s recent rally,” Nick Ruck, director at LVRG Research, told Cointelegraph on Wednesday.

“This momentum strongly supports a sustained long-term bull cycle driven by tokenized assets and institutional adoption, though competition from rival chains, regulatory hurdles, and macro volatility remain key roadblocks to further upside,” he added.

JPMorgan CEO touts tokenization

JPMorgan CEO Jamie Dimon acknowledged that a “whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts, and other forms of tokenization,” in the CEO’s annual shareholder letter released on Tuesday.

The Wall Street bank launched its first tokenized money market fund (MONY) on Ethereum in December.

“The world’s largest bank is live on Ethereum, and its CEO is publicly saying they’re still not moving fast enough,” stated Ethereum infrastructure startup Etherealize on Tuesday.

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