The total value of stablecoins on the Ethereum network has climbed to a record $180 billion, according to data from blockchain analytics firm Token Terminal.

Ethereum now accounts for roughly 60% of global stablecoin supply, with the figure increasing by 150% over the past three years. The firm also projected significant future growth, estimating that around $1.7 trillion could move onchain across all networks over the next four years. If Ethereum captures a large share of that expansion, it could see up to $850 billion in new inflows by 2030, assuming continued growth.

Similar expectations have been echoed by Standard Chartered, which projected in late 2025 that more than $1 trillion could shift from traditional banking systems into stablecoins by 2028.

Ethereum has remained the primary infrastructure for stablecoins and tokenized real-world assets, with major institutions such as BlackRock, JPMorgan and Amundi launching tokenized financial products on the network. This growth comes as total stablecoin supply across all blockchains reached approximately $315 billion in the first quarter.

Tokenization drives long-term growth narrative

Alternative data from RWA.xyz places Ethereum’s stablecoin value slightly lower at $168 billion but confirms its leading position, with a market share of around 56%. When including Ethereum Virtual Machine-compatible networks and layer-2 solutions such as Arbitrum, ZKsync Era and Base, the share rises to more than 65%.

Analysts suggest that Ethereum’s dominance in stablecoins and liquidity is contributing to broader market momentum. Nick Ruck, director at LVRG Research, said the trend is supporting positive sentiment across the crypto sector. “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,” he said.

Traditional finance increasingly embraces blockchain

Interest from major financial institutions continues to reinforce the tokenization narrative. Jamie Dimon, chief executive of JPMorgan, acknowledged in a recent shareholder letter that blockchain-based competition is intensifying.

He noted that a “whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts, and other forms of tokenization.” JPMorgan has already begun integrating these technologies, launching its first tokenized money market fund, MONY, on Ethereum in December.

Industry observers see this as a sign of accelerating institutional adoption. Ethereum-focused startup Etherealize commented that the involvement of major banks highlights both progress and urgency in the transition. “The world’s largest bank is live on Ethereum, and its CEO is publicly saying they’re still not moving fast enough,” the company said.

Sources:

https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-its-first-tokenized-money-market-fund/

https://cointelegraph.com/news/stablecoin-supply-ethereum-hits-180b-all-time-high-token-terminal

https://x.com/tokenterminal/status/2041465337149878776

https://x.com/Etherealize_io/status/2041591840361566324

https://app.rwa.xyz/stablecoins