Ethereum added around $5 billion in new stablecoins over the past week, pushing the total supply of stablecoins on the network to an all-time high.
The stablecoin supply on Ethereum has more than doubled since January 2024 and has reached an all-time high of $165 billion, Token Terminal reported on Sunday.
Figures vary slightly depending on the data provider, as RWA.xyz reports a total of $158.5 billion in Ethereum-based stablecoins, which is also an all-time high, giving the network a commanding market share of 57%.
Ethereum has been the network of choice for stablecoins. Its next closest competitor, Tron, has a market share of 27%, while Solana, in third place, has less than 4%.
Stablecoin supply on Ethereum surges. Source: Token Terminal
Tokenized gold on Ethereum surges
Stablecoins are not the only financial instruments tokenized on Ethereum, as the network has also seen an all-time high in the amount of tokenized gold.
There is currently around $2.4 billion worth of tokenized gold on Ethereum, according to Token Terminal.
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The tokenized gold supply has doubled year-to-date and is currently at an all-time high, it reported on Saturday.
RWA.zyx reports that Ethereum has a 77% market dominance for tokenized commodities, and an even higher 97% share when the layer-2 Polygon network is included.
Ethereum also has more than 70% market share of tokenized US Treasurys, which is the second largest asset to move onto the blockchain behind private credit.
Tokenized gold on Ethereum is also at an all-time high Source: Token Terminal
Ethereum’s RWA tokenization advantage
This RWA tokenization narrative has driven Ether (ETH) prices over 200% since April to an all-time high just below $5,000 on Aug. 24.
It has also been bolstered by the rapid accumulation of Ether by treasury corporations, which have scooped up almost 4% of the entire supply in just five months.
Ethereum educator Anthony Sassano said over the weekend that this is due to “credible neutrality,” which is fundamental to Ethereum.
“The only way mass adoption of this technology happens is through actual, credibly neutral, and permissionless systems that are not owned by anyone and are not affiliated with any single entity.”
New funds tokenized on Ethereum
Global financial institutions are also racing to tokenize their products, with many choosing Ethereum.
“Fidelity, the third largest asset manager in the world, launched a tokenized US Treasurys fund on Ethereum,” said Sassano on Monday.
The Fidelity Digital Interest Token (FDIT) appears to have launched onchain on Sept. 1 and currently has $203.6 million in total asset value, according to RWA.xyz.
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