Ethereum [ETH] Now Hovers Around $1,844.18 Despite a Modest 2.75% Daily Uptick

Once trading above $2,500, Ethereum [ETH] now hovers around $1844.18 despite a modest 2.75% daily uptick, per CoinMarketCap.

Once trading above $2,500, Ethereum [ETH] now hovers around $1,844.18 despite a modest 2.75% daily uptick, according to CoinMarketCap. While price action has seen considerable fluctuation, Ethereum’s ecosystem tells a different story.

Back in January 2018, when ETH first surpassed $1,400, the network’s stablecoin market cap was barely $124,500.

Fast-forward to May 2025, and that number has surged to $124.5 billion, according to DeFiLlama, highlighting Ethereum’s dominance as the preferred platform for stablecoin deployment.

With its total stablecoin supply now reaching a record $132.4 billion, Ethereum’s on-chain fundamentals may be hinting at deeper momentum beneath the surface.

Leading this surge is Tether (USDT), which commands a substantial 52% market share, contributing $64.7 billion to ETH’s $124.5 billion stablecoin total.

Close behind is USD Coin (USDC) at $37 billion, with newer players like Ethena’s USDe ($4.5 billion), Sky Dollar’s USDs ($3.8 billion), and MakerDAO’s DAI ($3.6 billion) also staking their claim.

Other entrants, such as BlackRock’s BUIDL and PayPal’s PYUSD, signal increasing institutional interest.

Overall, the global stablecoin market is nearing a record $240 billion, with over $5 billion added in late April alone, underscoring a rising tide of demand and capital inflow into Ethereum’s ecosystem.

Payment giants joining the stablecoin market

Amid the growing adoption of stablecoins, institutional momentum and regulatory clarity are accelerating the shift toward mainstream integration.

Citi forecasts the stablecoin market could soar past $2 trillion by 2030, with an upper estimate of $3.7 trillion, highlighting the scale of anticipated adoption.

Notably, Mastercard has positioned itself at the forefront of this movement, launching a sweeping initiative to enable 150 million merchants to accept digital dollars.

Through strategic partnerships with Nuvei, Circle, and Paxos, the payments giant has built a robust infrastructure that supports on-chain transactions, real-time remittances, wallet integrations, and even stablecoin-linked card issuance.

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Therefore, as global payment giants like Stripe join the stablecoin race, Ethereum’s position as the core infrastructure for digital finance only grows stronger.