Ethereum Stablecoin Supply Soars to Record $162B — Is ETH Preparing to Surpass Bitcoin?

Ethereum has reached another historic milestone — its stablecoin supply has surged to an all-time high of $162.3 billion, according to data from DeFiLlama. This explosive growth highlights Ethereum’s growing dominance as the backbone of decentralized finance (DeFi) and digital liquidity.

The surge in stablecoin activity reflects rising confidence in Ethereum’s infrastructure, especially as traders, institutions, and DeFi protocols continue to favor the network for transactions, staking, and tokenized assets. It’s a signal that Ethereum isn’t just surviving the crypto downturn — it’s quietly solidifying its role as the world’s settlement layer for digital money.

Supporting this momentum, DeFi’s total value locked (TVL) has climbed to $81 billion, while decentralized exchange (DEX) volumes have held steady above $80 billion — showing consistent on-chain engagement even amid market turbulence.

According to BitMine’s Tom Lee, Ethereum’s rising network value and liquidity could eventually allow it to surpass Bitcoin’s market capitalization, a scenario once deemed impossible. “Ethereum’s financial infrastructure is maturing faster than any other blockchain,” Lee noted, adding that stablecoin demand and DeFi expansion are key drivers of this shift.

While Bitcoin remains the undisputed store of value, Ethereum is increasingly being viewed as the digital economy’s engine — powering everything from stablecoins and NFTs to AI-driven financial applications.

The question now echoing across the crypto world:

Is Ethereum quietly positioning itself to lead the next era of global finance?