Ethereum Adds $5B in Stablecoins, Hits All-Time High of $165B

TLDR:

• Ethereum added around $5 billion in stablecoins over the past week.
• The total stablecoin supply on Ethereum reached a record high of $165 billion.
• Ethereum now holds a 57% market share in stablecoins across all blockchains.
• The amount of tokenized gold on Ethereum doubled this year and reached $2.4 billion.
• Ethereum leads tokenized commodities with a 77% share which rises to 97 percent with Polygon included.

Ethereum added approximately $5 billion in new stablecoins over the past week, reaching an all-time high of $165 billion. This figure represents more than double its stablecoin supply since January 2024, as reported by Token Terminal. Ethereum continues to lead the market in tokenized assets, including gold and US Treasurys.

Ethereum Sees Surge in Stablecoin Activity

Ethereum added nearly $1 billion in stablecoins daily last week, pushing total supply to record highs. Token Terminal reported a $165 billion stablecoin supply on Ethereum, marking the highest level recorded so far. RWA.xyz listed a slightly lower figure of $158.5 billion, but it still set a new peak.

Ethereum dominates the stablecoin space, maintaining a strong 57% share of the total market across blockchains. Tron follows with 27%, while Solana remains in third place with less than 4%. This growth reflects increased demand for trusted, decentralized financial infrastructure.

Ethereum’s consistent growth is driven by market preference for secure and credible onchain systems. It has remained the primary network for issuing dollar-pegged digital assets. Data shows steady accumulation of these tokens in large volumes each week.

ETH Leads in Tokenized Gold and Commodities

Token Terminal reported $2.4 billion worth of tokenized gold on Ethereum, also at an all-time high. This value has doubled since January 2024, indicating strong interest in onchain commodity exposure. RWA.xyz confirmed this growth and noted Ethereum’s dominance in the sector.

Ethereum holds a 77% market share for tokenized commodities, which increases to 97% when including Polygon. This leadership demonstrates its strength in managing real-world assets securely and transparently. Institutional adoption continues to grow across various asset classes.

Tokenized gold is the latest commodity finding traction on Ethereum, further validating its role as a financial layer. The network provides a neutral and permissionless platform, attracting both retail and institutional participation. Analysts suggest this trend will continue expanding into other asset categories.

US Treasurys, Ether Demand Drive Market Momentum

Ethereum now controls over 70% of the market for tokenized US Treasurys, the second-largest asset class onchain. Private credit remains the largest, but Ethereum’s share in Treasurys highlights rising institutional use. This demand has also impacted Ether’s price performance significantly.

Ether has surged more than 200% since April, reaching near $5,000 by August 24. Treasury corporations accumulated nearly 4% of the Ether supply in just five months. According to Anthony Sassano, Ethereum’s “credible neutrality” underpins this rapid growth.

Fidelity launched its tokenized US Treasurys fund, FDIT, on Ethereum, valued at $203.6 million. RWA.xyz confirmed the fund’s onchain launch on September 1. Ethereum remains the platform of choice for tokenizing global financial products.

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