Stablecoins supply on Ethereum surges to all-time high over $132.4 billion

Source Cryptopolitan

On-chain data indicated a surge in Ethereum’s stablecoin supply to a new all-time high of $132.4 billion, with USDT and USDC accounting for a huge percentage of the total supply on the blockchain.

As of March 24, the USDT supply on Ethereum hit over $75 billion, while the USDC supply stood at a little over $39 billion. USDe, USDS, DAI, FDUSD, and PYUSD accounted for $5.39 billion, $4.49 billion, $2.95 billion, $2.07 billion, and $714.23 million of the total Ethereum stablecoin supply, respectively. 

The current Ethereum stablecoin supply accounts for over half of the total stablecoin market cap, which has surged to about $230 billion as of March 2025. The interest in stablecoins also increased despite the downward trend seen in the crypto markets this year. Bitcoin and other cryptocurrencies have been experiencing liquidations, dumps, and price plunges over the past few months due to continued macroeconomic uncertainty, including President Trump’s economic policies. 

The crypto market trends over the past few months saw a retracted interest from speculative and risk assets to less volatile assets. The negative sentiment led to Bitcoin’s price dropping below $77,000 severally in the past few weeks. Most altcoins have also failed to maintain the momentum seen at the end of last year and in January this year, leading to speculation that the altseason would not happen in the 2024/2025 bullish cycle.

Stablecoin production remained consistent, especially during the recent ETH price plunge to around the $1,900 level. 

Stablecoin dominance remains visible across other metrics 

The overall stablecoin supply growth year-on-year as of March this year stood at about $80 billion, marking approximately 59% growth. The supply grew on Ethereum the most from $75.3 billion in March last year to over $132 billion this March. Other blockchains also saw significant surges in stablecoin supply, including Solana, BNB Chain, Tron, Base, Arbitrum, and more. 

The coins have also managed to increase their supply by over 10% since January this year, amounting to over $20 billion in supply surge. An increase in stablecoin supply has been associated with an increase in crypto market liquidity. One contributing event to the upward momentum seen in stablecoin supply is the recent $1 billion USDT by Tether a few days ago. 

Ethereum has shown superiority in stablecoin dominance through the spiked monthly transfer volumes and active stablecoin addresses. Ethereum stablecoin monthly transfers saw over a $2 trillion year-on-year change as of February 2025, with February 2024 monthly transfers at $1.9 trillion and February 2025 monthly transfers at $4.1 trillion. 

A recent CoinMarketCap report stated the significance of Ethereum’s ecosystem as stablecoin usage grew. The report indicated that Ethereum’s ecosystem was necessary as a settlement layer for stablecoin transactions. 

Ethena Labs’ head of research, Andrew Hong, also recently mentioned that stablecoin flows are usually directed to chains with robust infrastructure and where stablecoin use cases are required. Hong added that the Ethereum stablecoin ecosystem continued to demonstrate notable resilience. 

Institutional adoption increases stablecoin growth

A recent Dune Analytics and Artemis report dubbed “The State of Stablecoins 2025: Supply, Adoption & Market Trends” cited growing institutional interest, and DeFi stablecoin adoption contributed to the growth in the stablecoin market. The report highlighted the growth through the 53% spike in active stablecoin user addresses, changing from 19.6 million in February last year to 30 million in February this year. Dune and Artemis revealed that institutions and DeFi applications were leveraging stablecoins more for payments while increasing their accessibility across multiple platforms. 

The Federal Reserve has also been considering the importance of stablecoins in bridging digital and traditional finance. The Fed Governor Christopher Waller mentioned last month that the integration of stablecoins in the economy could help boost the U.S. dollar’s dominance in global markets. Waller also compared stablecoins to commercial bank money while insisting on the digital assets’ ability to open new payment gateways.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.
Author  FXStreet
Aug 22, 2023
Prioritize filling the $27,000 gap and even try higher.
placeholder
Pinduoduo Earnings Incoming: Morgan Stanley Sees Long-Term Profit Potential​Insights – On November 21, Chinese e-commerce giant Pinduoduo (PDD) will release its Q3 2024 earnings.
Author  Mitrade
Nov 20, 2024
​Insights – On November 21, Chinese e-commerce giant Pinduoduo (PDD) will release its Q3 2024 earnings.
placeholder
Elon Musk’s xAI and Neuralink Launch New Funding Rounds​Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.
Author  Insights
Jun 03, 2025
​Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.
placeholder
Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Author  Mitrade
Nov 17, 2025
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
placeholder
Gold declines as Trump scraps Iran memorandum, markets await Fed minutesGold (XAU/USD) trades around $4,050 on Wednesday, down 1.40% on the day at the time of writing, as investors favor the US Dollar (USD) following a fresh deterioration in tensions between the United States (US) and Iran.
Author  FXStreet
Yesterday 10: 13
Gold (XAU/USD) trades around $4,050 on Wednesday, down 1.40% on the day at the time of writing, as investors favor the US Dollar (USD) following a fresh deterioration in tensions between the United States (US) and Iran.
goTop
quote