17.10.2025 12:00

In a striking paradox for the digital asset market, the total supply of stablecoins on the Ethereum network has soared to an unprecedented all-time high of over $180 billion. This remarkable milestone, representing a substantial 35% expansion since the beginning of 2025, signals a massive influx of fresh liquidity into the ecosystem. Despite this surge in stablecoin activity, the network's native token, ETH, has experienced a contrary fate, declining by 7% to a value of approximately $3,460.

Dominating this landscape are Tether (USDT) and USD Coin (USDC), which collectively constitute more than 90% of Ethereum's total stablecoin volume. According to analysis from various internet sources, this capital inflow is less about aggressive investment and more a signal of "defensive accumulation." This strategic shift towards a risk-off sentiment is reportedly a reaction to recent market volatility, with large investors choosing to park their capital in the relative safety of stablecoins as they await greater clarity in global economic conditions.

A significant technical catalyst fueling this trend is Ethereum's pivotal Dencun upgrade. By implementing changes that dramatically lowered transaction costs and enhanced network scalability, the upgrade has substantially improved the user experience on decentralized finance (DeFi) platforms. Consequently, leading applications such as Aave, Uniswap, and Curve have become more accessible and cost-effective, attracting a wave of new users and liquidity, which in turn has driven the burgeoning demand for stablecoins on the network.