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In the past 12 months, the supply of stablecoins on the Ethereum blockchain has increased by USD 84.9 billion, surpassing the total growth across all other blockchains combined. Meanwhile, the overall stablecoin market has expanded by approximately 72 % during the same period, bringing its total market capitalisation close to USD 300 billion.
In the past 12 months, ethereum has added $84.9B in stablecoins.
Source: @artemis pic.twitter.com/3XrJvTRXHl
— Stablecoins.eth (@Stablecoins_eth) November 10, 2025
Within that market, the two dominant players, Tether (USDT) and USD Coin (USDC) , now command in excess of 85 % of the share.
Ethereum’s dominance driven by several factors
Ethereum’s leading position in stablecoin issuance and circulation is underpinned by multiple key developments:
- In August, USDC issuance rose by around USD 9.4 billion, strengthening its footprint in the decentralised finance (DeFi) sector.
- Concurrently, a promotional campaign by Binance saw over USD 1 billion of USDT newly deposited.
- Moreover, the USDe stablecoin from Ethena Finance has grown rapidly via a loop-strategy integrating multiple DeFi protocols.
- Binance’s reallocation of liquidity from TRON (TRX) to Ethereum also contributed to shifting dominance back toward Ethereum.
- The emergence of platforms such as Plasma and MiniPay has encouraged individual-user transactions and reinforced the ecosystem’s strength.
From payments tool to financial infrastructure
Stablecoins are no longer just digital alternatives to fiat. They are evolving into broader financial-infrastructure assets, which are used for payments, debit-cards, savings and other bank-like functions.
Analyst Artemis (analyst) observes that stablecoins are moving closer to full-blown banking functionalities. For example, the platform Squads on the Solana blockchain now manages over USD 2 billion of assets, equivalent to roughly 15 % of that chain’s stablecoin supply. Additionally, new financing models are deploying stablecoins in loans to AI firms.
Outlook for the market is bullish. Analysts at Coinbase, one of the largest crypto exchanges, forecast that the stablecoin market could exceed USD 1 trillion by 2028. Recent data also show renewed investor confidence in Ethereum: on the 10th of the month, Ethereum recorded net inflows of USD 12.782 million, and derivatives-market volume is also increasing.
