Token Terminal Reports Ethereum Stablecoin Holdings Reach Record $180 Billion
The total value of stablecoins operating on Ethereum's blockchain has hit an unprecedented $180 billion milestone, with analysts forecasting potential growth to $1 trillion within the next six years.
Token Terminal, a blockchain analytics company, has reported that the total onchain value of stablecoins operating on Ethereum has climbed to an unprecedented $180 billion, marking a new record for the network.
According to the firm's Tuesday report, Ethereum currently commands 60% of the total stablecoin market at $180 billion, representing a remarkable 150% increase over the last three years.
Looking ahead, the analytics firm estimates that approximately $1.7 trillion is anticipated to migrate onchain across various networks within the next four years, with Ethereum potentially capturing $850 billion in "new flows" by 2030—a projection that assumes 470% growth during this timeframe.
In late 2025, Standard Chartered made a forecast suggesting that upwards of $1 trillion could migrate from traditional banking systems into stablecoins by 2028.
As the leading network for both stablecoins and tokenized real-world assets (RWAs), Ethereum has attracted prominent financial institutions including BlackRock, JPMorgan and Amundi, all of which have introduced tokenized funds on the platform. This comes as the aggregate stablecoin supply across every network achieved a record-breaking $315 billion during the first quarter.
Momentum supports bull cycle driven by tokenized assets
RWA.xyz, a provider of real-world asset metrics, calculates a marginally lower number of $168 billion for stablecoin value residing on Ethereum.
The platform also validates that Ethereum maintains its position as the sector's frontrunner with 56% market dominance. When factoring in EVM (Ethereum Virtual Machine) and layer-2 solutions including Arbitrum, ZKsync Era, and Base, this figure rises above 65%.
According to Nick Ruck, director of LVRG Research, who spoke with Cointelegraph on Wednesday, the metrics underscore Ethereum's supremacy in both stablecoins and onchain liquidity, which is "fueling strong positive sentiment and crypto's recent rally."
"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 touts tokenization
In his annual shareholder letter published on Tuesday, JPMorgan CEO Jamie Dimon recognized that a "whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts, and other forms of tokenization."
In December, the major Wall Street financial institution introduced its inaugural tokenized money market fund (MONY) on the Ethereum blockchain.
Etherealize, an Ethereum infrastructure startup, commented on Tuesday that "The world's largest bank is live on Ethereum, and its CEO is publicly saying they're still not moving fast enough."