Ethereum stablecoin supply hits $180B on-chain high

Token Terminal's dataset shows the combined supply of dollar-pegged ERC-20 stablecoins held on the Ethereum mainnet reached $180 billion. The total covers tokens minted or bridged to Ethereum and reflects contract balances on that network.

The figure includes widely used tokens such as Tether's USDT, Circle's USDC and MakerDAO's DAI, along with other dollar-pegged ERC-20 tokens. Token Terminal aggregates on-chain records and token contract balances to calculate network-specific totals.

Token Terminal is a crypto analytics platform that tracks token metrics and on-chain balances. The $180 billion milestone appears in its stablecoin totals dataset and refers only to supply on the Ethereum mainnet, not to issuance on other blockchains.

On Ethereum, stablecoins are commonly used for trading on exchanges, supplying liquidity in lending protocols and automated market makers, and serving as a unit of account within decentralized applications.

Major issuers Tether and Circle remain the largest stablecoin providers by market capitalization, and their tokens account for a large share of the dollar-pegged supply on Ethereum. Smaller issuers and algorithmic variants represent the remainder of the network total.

Global stablecoin supply is larger because major tokens also exist on other chains and as bridged versions. Market data is often reported by network to show where users hold and use these tokens.

Stablecoins have been subject to regulatory attention focused on reserve transparency and consumer protections. Industry participants have produced audits and attestation reports while discussions continue about regulatory frameworks for issuers and custodians.

Stablecoins are cryptocurrencies designed to maintain a stable value relative to a fiat currency, most commonly the U.S. dollar. Their use expanded after 2020 with growth in decentralized finance protocols and crypto trading volumes. Token Terminal's report provides a snapshot of on-chain stablecoin supply on Ethereum rather than a full cross-chain accounting.