The supply of stablecoins on Ethereum has increased to a record $166 billion, indicating growing confidence in the network's Vai as a core infrastructure for DeFi.
According to data from The Block, the total supply of stablecoins on Ethereum as of Saturday reached $166 billion, up from $149.5 billion a month ago. USDT still dominates with $87.8 billion, followed by USDC with $48 billion.
“The All-Time-High in stablecoin supply on Ethereum marks a turning point, transforming Ethereum from a speculative asset to a pillar of dollarization in the DeFi ecosystem,” said Vincent Liu, CIO of Kronos Research. “It also shows that liquidation is now strong enough to absorb volatility and support the market when the macro is down.”
Nick Ruck, Director of LVRG Research, also believes that this record reflects a strong increase in institutional liquidation and increased confidence in Ethereum infrastructure. He emphasized that the growth was mainly due to USDT and USDC, signaling accelerated institutional adoption, which could lead to a boom in DeFi activity and benefit ETH prices.
Meanwhile, USDT Capital surpassed $170 billion over the weekend, reaching $170.3 billion according to data from CoinGecko.
