The total value of stablecoins held on the Ethereum network has reached an all-time high of $180 billion, according to blockchain analytics firm Token Terminal. That figure represents 60% of the entire stablecoin supply across all networks and marks a 150% increase over the past three years. The milestone comes as the combined stablecoin supply across all blockchain networks hit a record $315 billion in the first quarter.
Token Terminal projects that approximately $1.7 trillion in value is expected to move onchain across all networks over the next four years. Under that scenario, Ethereum alone could attract $850 billion in new capital flows by 2030, implying growth of around 470%. Separately, Standard Chartered predicted in late 2025 that more than $1 trillion could leave traditional banks and flow into stablecoins by 2028.
Real-world asset metrics provider RWA.xyz reports a slightly lower stablecoin figure of $168 billion on Ethereum, while placing the network’s market share at 56%. That share rises to over 65% when Ethereum Virtual Machine compatible and layer-2 networks — including Arbitrum, ZKsync Era, and Base — are factored in. The data underscores Ethereum’s position as the dominant platform for both stablecoins and tokenized real-world assets.
Major financial institutions have increasingly turned to Ethereum for tokenized products. BlackRock, JPMorgan, and Amundi have each launched tokenized funds on the network. JPMorgan introduced its first tokenized money market fund, MONY, on Ethereum in December, marking a significant step by one of the world’s largest banks into onchain finance.
Jamie Dimon, CEO of JPMorgan, acknowledged the shifting competitive landscape in the bank’s annual shareholder letter released Tuesday. He noted that a new set of competitors is emerging based on blockchain technology, encompassing stablecoins, smart contracts, and other forms of tokenization. Ethereum infrastructure startup Etherealize responded by pointing out that the world’s largest bank is now live on Ethereum while its chief executive publicly signals the institution is not moving quickly enough.
Nick Ruck, director of LVRG Research, told Cointelegraph that the data highlights Ethereum’s dominance in stablecoins and onchain liquidity, which he said is fueling positive sentiment and contributing to a recent rally in crypto markets. He added that the momentum supports a sustained long-term bull cycle driven by tokenized assets and institutional adoption. However, Ruck cautioned that competition from rival blockchains, regulatory hurdles, and macroeconomic volatility remain key obstacles to further gains.
Originally reported by CoinTelegraph.
