The market capitalization of Ethereum-based stablecoins has surpassed the 124 billion dollar threshold.

Tether (USDT) takes the lead, followed by USD Coin (USDC) and, in third place, USDe by Ethena.

The market capitalization of Ethereum-based stablecoins has surpassed the $124 billion threshold. Tether (USDT) takes the lead, followed by USD Coin (USDC), and, in third place, USDe by Ethena.

Ethereum and the market capitalization of stablecoins that exceeds $124 billion

Dizzying numbers for the Ethereum-based stablecoin market, with the total market cap surpassing the $124 billion threshold.

According to the data reported by DefiLlama, this threshold was surpassed only at the end of March, when it was worth over $126 billion.

In any case, the scene is dominated by the largest stablecoin in the world, Tether (USDT), which on Ethereum, has a market cap of $64.65 billion. Its dominance is 52% of the entire stablecoin market on Ethereum.

Always on the podium, in second place there is USD Coin (USDC) with its $36.71 billion of market cap. In third place, there is the recent stablecoin of Ethena, USDe which has already surpassed $4.57 billion.

Other stablecoins that operate on Ethereum with a market cap above one billion are currently DAI, Sky Dollar (USDS), BlackRock USD (BUIDL), Ethena USDtb, and First Digital USD (FDUSD).

Ethereum: the blockchain that dominates the stablecoin market

Taking a look at the entire stablecoin market, the Ethereum blockchain dominates the scene in terms of liquidity.

In fact, at the time of writing, the total stablecoin market is worth over $242 billion, with Ethereum exceeding 50% dominance. We are at a historical peak precisely for the stablecoin market in general.

In any case, to make a comparison, currently the stablecoin market on the Tron blockchain is worth $72 billion, on Solana $12.79 billion, and on BSC $9.25 billion.

Returning to Ethereum, however, at the time of writing, ETH is worth $1832, well away from its ATH or all-time high of 4600 reached on November 13, 2021.

Yet, on that very day, the Ethereum stablecoin market was worth only $88.9 billion.

This growth comes as the blockchain is preparing for a crucial update this month, which includes EIP-7251. It is a change that will increase the maximum limit of ETH in staking for validators, raising it from the current 32 ETH to 2,048 ETH.

Stablecoins Gain Ground in the World

Stablecoins are gaining more and more traction in every part of the globe, with many different players intending to launch their own.

After the success of PayPal’s PYUSD, last month the Dutch bank ING announced that it is working on the creation of its own euro-pegged stablecoin.

In the United Arab Emirates, however, the institutions IHC, ADQ, and First Abu Dhabi Bank (FAB) have revealed that the new stablecoin pegged to the Dirham (AED) could arrive by the end of 2025.

A few days ago, it was the Republic of Kyrgyzstan that unveiled its new USDKG stablecoin pegged to gold and indexed to the US dollar. The debut is scheduled for the third quarter of this year.