Ethereum reaches all-time high for stablecoin supply
For the first time in history, the supply of stablecoins on Ethereum surpassed the $167 billion threshold on Sept. 14.
In this way, the supply of stablecoins on the network created by Vitalik Buterin has doubled since January 2024.
This milestone reaffirms Ethereum as the main home of stablecoins, currently concentrating 54.46% of the market.
Within this domain, Tether’s USDT ranks as the top stablecoin with a supply of $87 billion, followed by Circle’s USDC, which reaches $48 billion.
Looking ahead, Ethereum could benefit from the approval of the National Innovation Guidance and Establishment Act for Stablecoins, better known as the GENIUS law, as reported. This regulation proposes to integrate these assets into the traditional financial system of the United States, establishing clear rules for the issuance and operation of stablecoins.
Considering that a large volume of stablecoins is already moving within Ethereum, it would not be at all unreasonable for a significant percentage of future issuance to be channeled into this network.
If this happens, it will be a major catalyst for the price of ether (ETH) due to the fact that increased stablecoin issuance on the network would increase demand for the asset to pay fees.
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