Ethereum sets a new record for stablecoin supply

• The supply of stablecoins on Ethereum has increased by 35% from the beginning of the year until today.
• Ethereum is followed by Tron, with USD 78 billion in stablecoins.

The Ethereum network has reached a milestone in the decentralized finance sector (DeFi) by achieving an all-time high in the total supply of stablecoins within its ecosystem. According to data from an analytics platform, the aggregate amount of stablecoins on that network exceeded 183 billion dollars (USD).

This record underscores Ethereum's position as the predominant network for the issuance and use of digital assets linked to fiat currencies, consolidating its role as the central infrastructure for much of the economic activity in the cryptocurrency space.

The record figure reached represents a growth of 6.2% in the last 30 days, indicating sustained demand for the use of stablecoins within decentralized applications (dApps).

This USD 183 billion not only sets a new record but also highlights Ethereum's dominance over its direct competitors.

According to the metrics from the analysis platform, the second network with the highest supply of stablecoins is Tron, managing approximately USD 78 billion, a significantly lower figure. This disparity reaffirms the confidence of stablecoin issuers and users in the Ethereum network.

Despite this solid record in the stablecoin metric, the price action of its native cryptocurrency, ether (ETH), has shown divergent behavior, registering a decrease of approximately 15% in the last 30 days, which keeps it hovering around USD 3,887 per ETH as this article is being written.

An outflow of institutional money in BTC and ETH funds is reported, which would be reinforcing the decline in the market.