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Ethereum added nearly $5 billion in new stablecoins over the past week, pushing the total Ethereum stablecoin supply to an unprecedented $165 billion, according to Token Terminal data published Sunday. The figure marks more than a doubling since January 2024, underlining Ethereum’s growing role as the backbone of blockchain-based finance.
Alternative data provider RWA.xyz reported a slightly lower but still record-breaking $158.5 billion, giving Ethereum a commanding 57% market share. Its closest rival, Tron, controls just 27%, while Solana trails at under 4%.
“Ethereum continues to demonstrate unparalleled dominance in the stablecoin sector,” said Oliver Knight, senior analyst at DeFi Research Hub. “The scale of Ethereum stablecoin supply underscores investor trust in its security, liquidity, and neutrality as a settlement layer.”
Beyond stablecoins, Ethereum is also experiencing rapid growth in tokenized commodities and government securities. Token Terminal reported on Saturday that around $2.4 billion worth of tokenized gold is now on Ethereum which is a supply that has doubled since the start of the year.
According to RWA.xyz, Ethereum accounts for 77% of the tokenized commodity market. When Polygon, a popular Ethereum layer-2 scaling solution, is included, that share jumps to 97%. The network also holds more than 70% of the tokenized US Treasurys market, making it the primary blockchain for traditional assets moving onchain.
“The rise in tokenized gold and Treasurys complements the growing Ethereum stablecoin supply,” said Anna Müller, head of digital assets strategy at a Frankfurt-based bank. “Together, these assets signal the beginning of a structural shift in global capital markets.”
The broader real-world asset (RWA) tokenization trend has been a key driver of Ether’s price surge in 2024. Since April, ETH has climbed more than 200% to reach an all-time high just below $5,000 on August 24. Analysts attribute this performance partly to surging demand for stablecoins, tokenized gold, and Treasurys on Ethereum.
Institutional adoption has accelerated the momentum. Corporate treasuries have accumulated nearly 4% of the total ETH supply in just five months, betting on Ethereum’s credibility as a neutral and permissionless infrastructure.
“The only way mass adoption of this technology happens is through credibly neutral systems,” said Ethereum educator Anthony Sassano over the weekend. “Ethereum embodies that principle, which is why we see the Ethereum stablecoin supply and RWA tokenization flourishing.”
Major financial institutions are now moving to tokenize their own funds directly on Ethereum. Fidelity, the world’s third-largest asset manager, recently launched the Fidelity Digital Interest Token (FDIT), a tokenized US Treasurys fund on Ethereum.
The product, which went live on September 1, has already amassed $203.6 million in assets under management, according to RWA.xyz. Analysts say Fidelity’s move reflects a broader industry trend of bringing traditional financial instruments into the blockchain ecosystem.
“The launch of FDIT is a milestone that ties Ethereum further to mainstream finance,” said Knight. “As the Ethereum stablecoin supply continues to grow, it reinforces Ethereum as the settlement layer for both crypto-native and institutional-grade assets.”
For crypto investors, the all-time high in Ethereum stablecoin supply represents more than a headline milestone. It highlights Ethereum’s entrenched position as the leading blockchain for digital dollars, commodities, and bonds which are assets that together underpin a growing share of global liquidity.
With over $165 billion in stablecoins alone, Ethereum has become the dominant marketplace for dollar-pegged liquidity, dwarfing competitors and providing deep infrastructure for DeFi, payments, and institutional finance.
As institutions like Fidelity enter the market, the growth of the Ethereum stablecoin supply may continue to attract both traditional investors and crypto-native users seeking stability, yield, and seamless global settlement.
Looking ahead, the sustained rise in the Ethereum stablecoin supply could also strengthen Ether’s role as a reserve asset within decentralized finance. As more capital flows into stablecoins and tokenized instruments on Ethereum, demand for block space and ETH collateral is likely to increase, potentially reinforcing Ethereum’s value proposition as both infrastructure and investment.
