Ethereum Stablecoin Float Tops $140 Billion, Doubling in 18 Months

The outstanding value of dollar-pegged stablecoins circulating on the Ethereum blockchain has surpassed $140 billion, according to data compiled by Token Terminal and other market trackers on 22 July. The milestone marks a fresh all-time high for the network’s stablecoin float.

The total is almost twice the level recorded in January 2024, highlighting a sharp resurgence in demand for on-chain dollar liquidity as digital-asset markets recover.

Rival networks remain far smaller. Stablecoin capitalization on BNB Smart Chain stands at just over $11 billion, while Polygon reached a three-year peak of roughly $2.8 billion, the platforms said.

Because stablecoins are widely used for trading, payments and decentralized-finance applications, the growth in Ethereum’s supply could translate into higher transactional activity and fee revenue across the network.

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