The number of stablecoins on the Ethereum blockchain has reached a historic high

The volume of stablecoins on the Ethereum ETH $1,827.41 Bridged Ether (StarkGate) 0.32% Market capitalization $0.16 billion VOL. 24 hours $0.53 billion blockchain reached a historic high of $ 132.4 billion as of the end of March. The bulk of this amount is made up of Tetherand USD Coin (USDC) — more than $ 75 billion and $ 39 billion, respectively. Other stablecoins, such as USDe, USDS, DAI, FDUSD, and PYUSD, add several billion more in total.

According to analysts, Ethereum stablecoins currently account for more than half of the entire market of these assets, whose capitalization has reached $ 230 billion. Interestingly, the activity in stablecoins has increased even amid the downturn in the crypto market — in recent months, Bitcoin and other assets have experienced sales and price drops due to global economic instability and the policies of US President Donald Trump.

The total annual increase in the volume of stablecoins on Ethereum has reached 59%. A year ago, the total amount was 75 billion, and now it is more than 132 billion. Additionally, since the beginning of the year, the market has added more than $ 20 billion, in particular due to a new issue of USDT 1 billion.

Ethereum holds the lead among blockchains in terms of volume and activity of stablecoins. In February 2025, the monthly transaction volume reached $ 4.1 trillion, which is twice as much as a year earlier. This reinforces Ethereum’s role as the main payment layer for stablecoins.

According to Ethena Labs, the inflow of funds into stablecoins goes to the places where the infrastructure is developed and popular financial services are flourishing. At the same time, large institutions are increasingly using stablecoins in payments, which contributes to their spread in the DeFi sector.

The U.S. Federal Reserve also sees the potential of stablecoins as a tool to strengthen the dollar’s position in global markets. According to Fed member Christopher Waller, such assets can become a digital analog of commercial money and open up new payment opportunities.