Ethereum Stablecoin Supply Hits Record $165 Billion
Ethereum has seen an unprecedented surge in stablecoins, adding around $5 billion in the past week and driving the total supply to an all-time high. Token Terminal reported that stablecoins on the network have reached $165 billion, more than double the figure from January 2024.
RWA.xyz shows a slightly lower number at $158.5 billion, but both place Ethereum at a commanding 57% market share. Tron trails at 27%, while Solana holds less than 4%.
Tokenized gold reaches new highs
Ethereum’s dominance extends beyond stablecoins. The network now hosts about $2.4 billion in tokenized gold, an all-time high according to Token Terminal. The amount of tokenized gold has doubled this year, while Ethereum maintains a 77% market share of tokenized commodities, rising to 97% when Polygon is included. Ethereum also accounts for over 70% of tokenized US Treasurys, the second-largest onchain asset after private credit.
Institutional momentum and new funds
The tokenization wave has coincided with ether’s rise of more than 200% since April, nearly reaching $5,000 in late August. Treasury corporations have also accelerated accumulation, now holding close to 4% of total ETH supply. Ethereum educator Anthony Sassano attributed this growth to its “credible neutrality,” calling it fundamental for mass adoption.
Global institutions are likewise choosing Ethereum for new products. Fidelity recently launched its tokenized US Treasurys fund, the Fidelity Digital Interest Token (FDIT), which went live on September 1. According to RWA.xyz, it currently holds $203.6 million in assets.
Sources:
https://cointelegraph.com/news/ethereum-added-5b-new-stablecoins-every-day-last-week
https://x.com/tokenterminal/status/1964752400478302688
https://x.com/tokenterminal/status/1964351346376622423
https://x.com/sassal0x/status/1964296185759539370
https://x.com/sassal0x/status/1964809916310515945