Ethereum’s stablecoin supply has experienced a remarkable surge, adding approximately $5 billion in new stablecoins over the past week, bringing the total supply on the network to a historic peak. According to Token Terminal, the stablecoin supply has more than doubled since January 2024, now reaching an unprecedented $165 billion. Alternative data provider RWA.xyz offers a slightly lower figure, reporting $158.5 billion in Ethereum-based stablecoins, which also signifies an all-time high. Ethereum currently controls a dominant market share of 57% in the stablecoin domain, significantly outpacing its nearest competitor, Tron, which holds a 27% share, while Solana captures less than 4%.
In addition to stablecoins, Ethereum has also seen notable growth in the tokenization of commodities, particularly tokenized gold. The network’s total amount of tokenized gold has surged to $2.4 billion, according to Token Terminal. This figure has doubled year-to-date, corresponding with a growing trend in financial instruments being tokenized on the Ethereum platform. RWA.xyz reports that Ethereum commands a staggering 77% market share in tokenized commodities and an even more impressive 97% market share when including the layer-2 Polygon network. Furthermore, Ethereum boasts over 70% of the market share for tokenized U.S. Treasurys, marking it as the second-largest asset type migrating to the blockchain, just behind private credit.
The momentum towards Real World Assets (RWA) tokenization has significantly influenced Ether (ETH) prices, which have risen over 200% since April, reaching a record high just below $5,000 on August 24. This growth trajectory is further facilitated by the aggressive accumulation of Ether by corporate treasuries, which have purchased nearly 4% of the entire Ether supply within a span of just five months. Ethereum educator Anthony Sassano attributed this trend to the concept of “credible neutrality,” emphasizing that the mass adoption of blockchain technology relies on systems that are fundamentally neutral and accessible, devoid of ownership by any single entity.
In the global financial arena, major institutions are racing to tokenize their offerings, with many preferring Ethereum as their platform of choice. Notably, Fidelity, the world’s third-largest asset manager, has launched a tokenized U.S. Treasurys fund on Ethereum, referred to as the Fidelity Digital Interest Token (FDIT), which reportedly has a total asset value of $203.6 million as of its launch on September 1. This further underscores Ethereum’s growing stature as a vital infrastructure for blockchain-based financial products.
