Ethereum ($ETH) has recently been attracting attention in the stablecoin field. Ethereum controls about $190 billion of the roughly $322 billion stablecoin market, according to data from Dune Analytics.
This indicates that approximately 55% of all stablecoins are held by Ethereum. Moreover, all other blockchains combined handle only $60 billion compared to the approximately $90 billion handled by TRON (TRX).
In fact, the overall supply nearly doubled in just 24 months, and Ethereum’s market share stabilized. Commenting on the same, Leon Waidmann, Head of Research at Lisk, said:
Stablecoins opted for a payment layer a long time ago.
$ETH Price movements raise eyebrows
This coincided with Ethereum ($ETH) is trading around $2,116.40 after falling 4.4% in the past 24 hours.
But needless to say, this is amazing. Because after February 2026, $ETH It is trading below $2,445. Even with such flat and stagnant movements, $ETH continues to dominate the stablecoin market.
factors behind $ETH Dominate the stablecoin space
This can be due to various factors. For example, if a company like Circle, Fidelity, or BlackRock transfers $50 million, they don’t care if the gas fee is $5.00 or $0.05. What matters to them is constant safety.
Additionally, it is mathematically the most expensive blockchain in the world to attack, with over 39.2 million attacks. $ETH It is staked to protect the network.
Chains like Base and Solana (SOL) may process millions of rapid retail transactions every day, but the real value behind them isn’t that much.
If the price remains unchanged at $2,445, it is quite normal to think that the network is losing momentum. However, the usefulness of the network $ETH Assets only.
What more?
Finally, Ethereum’s Layer 2 scaling roadmap (Arbitrum, Optimism, Base) has led retail users to switch from the main Ethereum chain to L2 for low-cost stablecoin transactions.
As a result, the fee income that goes directly into mainnet combustion is decreasing, even though the entire Ethereum ecosystem is effectively gaining more market share than ever before. $ETH. This will keep prices low in the short term.
If we zoom out and look at the market cap of all stablecoins, we see that it has increased to $323,112 million, with USDT accounting for 58.69% of this total.
Final summary
- Ethereum dominates the stablecoin market, accounting for 55% of the total stablecoin supply.
- staking $ETHreduced gas fees, and several other factors are why stablecoins rely on Ethereum rather than other blockchains.
