The total onchain value of stablecoins on Ethereum has climbed to a record $180 billion, according to blockchain analytics firm Token Terminal.
Ethereum now accounts for roughly 60% of the global stablecoin supply, with its total rising 150% over the past three years, the firm said Tuesday.
Token Terminal also projects that about $1.7 trillion could move onchain across all networks over the next four years, with Ethereum potentially attracting $850 billion in new inflows by 2030 if it achieves 470% growth over that period.
Separately, Standard Chartered predicted in late 2025 that more than $1 trillion could shift from traditional banking systems into stablecoins by 2028.
Ethereum continues to dominate both stablecoins and tokenized real-world assets (RWAs), with major institutions such as BlackRock, JPMorgan Chase, and Amundi launching tokenized funds on the network, as total stablecoin supply across all blockchains hit a record $315 billion in the first quarter.
Momentum in tokenized assets is reinforcing the current bull cycle, with data highlighting Ethereum’s continued dominance.
Real-world asset analytics platform RWA.xyz estimates Ethereum’s stablecoin supply at a slightly lower $168 billion, while still confirming its leading position with a 56% market share. That share rises to over 65% when including Ethereum Virtual Machine (EVM) ecosystems and layer-2 networks such as Arbitrum, zkSync Era, and Base.
The data underscores Ethereum’s strength in stablecoins and onchain liquidity, “fueling strong positive sentiment and crypto’s recent rally,” Nick Ruck, director of LVRG Research, told Cointelegraph on Wednesday. He added that this momentum supports a sustained long-term bull cycle driven by tokenized assets and institutional adoption, though competition from rival chains, regulatory challenges, and macroeconomic volatility remain key risks.
JPMorgan CEO highlights tokenization trend
JPMorgan Chase CEO Jamie Dimon acknowledged in the bank’s annual shareholder letter that a new wave of competitors is emerging through blockchain technologies, including stablecoins, smart contracts, and broader tokenization.
The bank launched its first tokenized money market fund (MONY) on Ethereum in December, further signaling institutional adoption of blockchain infrastructure.
Ethereum-focused startup Etherealize noted that the world’s largest bank is now operating on Ethereum, while its CEO has publicly suggested the pace of adoption could still accelerate.
