Ethereum stablecoin supply hits record high
Ethereum has seen explosive growth in its stablecoin market, adding around $5 billion in new inflows last week alone. According to Token Terminal, the total supply of stablecoins on Ethereum has surged to an all-time high of $165 billion, more than double the amount recorded in January 2024.
Other data providers report similar figures. RWA.xyz estimates Ethereum’s stablecoin supply at $158.5 billion, which still marks a record level and secures Ethereum a dominant 57% share of the entire market.
Competing networks fall behind
Ethereum’s dominance in stablecoins remains unmatched. Tron follows with a 27% market share, while Solana trails at less than 4%, underscoring Ethereum’s position as the preferred network for digital dollar settlement and tokenized finance.
Tokenized gold reaches new highs
Beyond stablecoins, Ethereum has become the leading hub for tokenized commodities. Token Terminal reports $2.4 billion worth of tokenized gold now exists on the network—an all-time high and double the supply from earlier this year.
RWA.xyz data shows Ethereum controls 77% of the tokenized commodities market, and when factoring in Polygon, its share rises to 97%. Ethereum also leads in tokenized US Treasurys, holding more than 70% of that market, second only to private credit among blockchain-based real-world assets (RWAs).
RWA tokenization fuels ETH price surge
The rapid tokenization of stablecoins, gold, and Treasurys has been a major catalyst for Ethereum’s growth. Ether (ETH) prices have climbed over 200% since April, reaching just under $5,000 on August 24. Institutional adoption has also contributed, with corporate treasuries accumulating nearly 4% of the total ETH supply in the past five months.
Ethereum advocate Anthony Sassano attributes this momentum to the network’s “credible neutrality,” emphasizing that true adoption requires permissionless and non-affiliated systems that can be trusted globally.
Global institutions choose Ethereum
The wave of tokenization is being embraced by some of the world’s largest financial players. Fidelity, the world’s third-largest asset manager, recently launched a tokenized US Treasurys fund on Ethereum.
The fund, named the Fidelity Digital Interest Token (FDIT), went live on-chain on September 1 and has already reached $203.6 million in assets under management, according to RWA.xyz.
Ethereum strengthens its lead in tokenized finance
With stablecoin supply climbing, tokenized gold doubling, and major institutions choosing Ethereum for tokenized US Treasurys, the network has firmly established itself as the leader in real-world asset tokenization. This dominance not only strengthens Ethereum’s position in blockchain finance but also highlights its role in shaping the future of global digital markets.
