The on-chain value of stablecoins issued on the Ethereum network hit a record $180 billion.

Cointelegraph reported on April 8 that crypto analytics firm Token Terminal estimated Ethereum currently accounts for 60 percent of total stablecoin supply, up 150 percent from three years ago.

The key point is that it is not limited to a simple increase in supply. Token Terminal said about $1.7 trillion could flow on-chain across all networks over the next four years. If that trend continues, Ethereum could attract $850 billion in new inflows by 2030. It said the figure assumes Ethereum-related flows expand 470 percent over the same period.

Ethereum is maintaining its lead not only in stablecoins but also in tokenisation of real-world assets. Major financial institutions such as BlackRock, JPMorgan and Amundi have launched tokenised funds on the Ethereum network. Total stablecoin supply across all networks also hit a record $315 billion in the first quarter.

The figures vary somewhat depending on the dataset. RWA metric provider RWA.xyz put the value of stablecoins on Ethereum at $168 billion. Even then, Ethereum had the highest market share at 56 percent. Including Ethereum Virtual Machine-based layer-2 networks such as Arbitrum, zkSync Era and Base lifts the share above 65 percent.

The market sees Ethereum's stablecoin dominance as linked with the recent crypto rally. Nick Ruck (닉 럭), a director at LVRG Research, said Ethereum's lead in stablecoins and on-chain liquidity is "supporting strong positive sentiment and the recent rise in crypto." He said the expansion of tokenised assets and institutional adoption are supporting a long-term bull market, while pointing to competing tokens, regulatory barriers and macroeconomic volatility as key obstacles to further gains.

Institutional investors are also shifting their view. JPMorgan CEO Jamie Dimon (제이미 다이먼) said in his annual shareholder letter that "new competitors based on blockchain are emerging," adding they include stablecoins, smart contracts and other forms of tokenisation. JPMorgan launched its first tokenised money market fund, MONY, on Ethereum in December last year.

Ethereum infrastructure startup Etherealize said this trend shows that "even though the world's largest bank is already operating on Ethereum, the CEO is still publicly saying the speed is not fast enough." With institutional money starting to flow in as actual products, it suggests Ethereum's liquidity base is being strengthened further.

There are two key points to watch. The first is how quickly bank funds actually move into stablecoins. Standard Chartered said in a report at end-2025 that more than $1 trillion could leave banks and flow into stablecoins by 2028. The second is which network that money settles on. For now, Ethereum is maintaining an advantage based on the strongest liquidity and institutional adoption, but an expansion of competing chains and changes in the regulatory environment are cited as variables that could shake its market share.