Ethereum stablecoins reach record $180B amid tokenization push

Stablecoins on the Ethereum network climbed to an all‑time high of $180 billion, representing roughly 60% of the market, according to Token Terminal. The firm noted the onchain value on Ethereum has risen about 150% over the past three years. Across all blockchains, total stablecoin supply reached a record $315 billion in the first quarter. Stablecoins are cryptocurrencies designed to track government‑issued currencies and are commonly used for trading, settlement and payments on public blockchains.

Real‑world asset data provider RWA.xyz reports a slightly lower figure of $168 billion in stablecoin value on Ethereum, reflecting a 56% market share. That share exceeds 65% when including Ethereum‑compatible and layer‑2 networks such as Arbitrum, ZKsync Era and Base.

Large financial institutions have been issuing tokenized funds on Ethereum. BlackRock, JPMorgan and Amundi have launched tokenized products on the network as they test issuing and settling traditional assets on public blockchains. JPMorgan introduced its first tokenized money market fund, MONY, on Ethereum in December.

Looking ahead, Token Terminal estimates that about $1.7 trillion could move onchain across networks over the next four years. Under that scenario, Ethereum could attract roughly $850 billion in new flows by 2030 if activity expands by about 470%. In a 2025 outlook, Standard Chartered projected that more than $1 trillion may leave banks and flow into stablecoins by 2028.

“The data highlights Ethereum’s dominance in stablecoins and onchain liquidity, fueling strong positive sentiment and crypto’s recent rally,” noted Nick Ruck, director of LVRG Research, 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.”

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

Ethereum has been a primary venue for stablecoins and tokenized real‑world assets, supported by broad wallet and exchange integrations and the growth of lower‑cost scaling networks that reduce transaction fees. The new supply milestones come as more large financial firms test fund issuance and settlement on public blockchains.