Total supply of Ethereum stablecoins hits a new high, rising to US$166 billion

The total supply of Ethereum stablecoins climbed to US$166 billion, underscoring growing confidence in its role as the core infrastructure of decentralized finance (DeFi).
Data showed that as of Saturday, the total supply of stablecoins on Ethereum reached $166 billion, up from $149.5 billion a month ago. Among them, USDT remains the dominant stablecoin, with a supply of US$87.8 billion on Ethereum, followed by USDC, with a supply of US$48 billion.
Vincent Liu, chief investment officer of Kronos Research, said: "The supply of Ethereum stablecoins has reached a record high, marking a decisive moment in its transformation from a speculative asset to a pillar of dollarization in the DeFi ecosystem. It also highlights that current liquidity is strong enough to absorb volatility and support markets during macroeconomic downturns."
Nick Ruck, director of LVRG Research, expressed a similar view, arguing that Ethereum's record supply of stablecoins "means a significant increase in institutional liquidity and a deepening of trust in it as a DeFi infrastructure." This growth is mainly driven by the expansion of USDC and USDT, indicating institutional adoption is accelerating, which could lead to increased DeFi activity and could drive ETH prices higher to meet ecosystem needs.”
At the same time, the market value of USDT climbed to more than $170 billion over the weekend and is currently $170.3 billion as of 2:30 a.m. ET on Monday (14:30 Beijing time), according to CoinGecko.