Ethereum stablecoin supply hits record $172.2B

The amount of stablecoins issued on Ethereum has climbed to a record $172.2 billion, solidifying the network’s role as the leading platform for digital dollar liquidity.

Stablecoins - crypto tokens pegged to the U.S. dollar - are now one of the most important parts of the digital asset market. They make it easier to move money between exchanges and decentralized apps, fueling both everyday trading and institutional activity. Ethereum hosts the majority of this activity, with about two-thirds of the global $255 billion stablecoin market now sitting on its blockchain.

The surge follows a wave of minting from major issuers like Tether (USDT) and Circle (USDC). Analysts say it reflects growing demand for dollar-based liquidity inside crypto.

Exchanges are also seeing stablecoin reserves spike. Centralized platforms now hold about $68 billion in stablecoins, according to CryptoQuant - suggesting traders are keeping capital on the sidelines, waiting for the right market moves.