The onchain value of stablecoins on the Ethereum network has reached an all-time high of $180 billion, according to blockchain analytics firm Token Terminal, as the network continues to dominate the digital dollar economy.
Ethereum now holds 60% of the total stablecoin supply at $180 billion, representing a 150% increase over the past three years, Token Terminal reported on Tuesday. The milestone underscores Ethereum’s position as the preferred network for digital asset liquidity and institutional adoption.
The analytics firm projected that approximately $1.7 trillion is expected to come onchain across all networks over the next four years. If Ethereum maintains its current trajectory with 470% growth during that period, the network could see $850 billion in “new flows” by 2030.
This projection aligns with earlier forecasts from Standard Chartered, which predicted in late 2025 that more than $1 trillion may exit traditional banks and flow into stablecoins by 2028.
Ethereum has emerged as the dominant network for both stablecoins and tokenized real-world assets (RWAs). Major financial institutions including BlackRock, JPMorgan, and Amundi have launched tokenized funds on the network as the total stablecoin supply across all networks reached a record $315 billion in the first quarter.
Real-world asset metrics provider RWA.xyz reports a slightly lower figure of $168 billion in stablecoin value on Ethereum. The firm confirms Ethereum is the industry leader with a market share of 56%, which increases to over 65% when Ethereum Virtual Machine (EVM) and layer-2 networks such as Arbitrum, ZKsync Era, and Base are included.
Nick Ruck, director of LVRG Research, told Cointelegraph on Wednesday that the data highlights Ethereum’s dominance in stablecoins and onchain liquidity, “fueling strong positive sentiment and crypto’s recent rally.”
“This momentum strongly supports a sustained long-term bull cycle driven by tokenized assets and institutional adoption, though competition from rival chains, regulatory hurdles, and macro volatility remain key roadblocks to further upside,” Ruck added.
The growing institutional interest in Ethereum-based tokenization was further highlighted this week when JPMorgan CEO Jamie Dimon acknowledged the shifting competitive landscape in his annual shareholder letter released on Tuesday.
Dimon stated that a “whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts, and other forms of tokenization.” The Wall Street banking giant launched its first tokenized money market fund (MONY) on Ethereum in December.
Ethereum infrastructure startup Etherealize commented on Tuesday: “The world’s largest bank is live on Ethereum, and its CEO is publicly saying they’re still not moving fast enough.”
The convergence of increasing stablecoin adoption and institutional tokenization initiatives suggests Ethereum’s role as the foundational layer for traditional finance’s digital transformation continues to strengthen. With major banks and asset managers actively building on the network, the path toward the projected $850 billion in new flows by 2030 appears increasingly feasible.
However, Ethereum faces ongoing competition from alternative blockchain networks that offer faster transaction speeds and lower fees. Layer-1 networks such as Solana and Tron have been gaining market share in certain stablecoin segments, particularly in emerging markets and retail trading applications.
The next several years will prove critical as Ethereum seeks to maintain its dominance while navigating regulatory uncertainty, scaling challenges, and intensifying competition in the rapidly evolving digital asset ecosystem.
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