Ethereum Gains $1.93B in Stablecoin Inflows as DeFi and DEX Activity Intensify

• Ethereum has $1.93 billion in stablecoin inflows over 7 days and is leading all chains on DeFi activity and market cap growth.
• Over 50% of stablecoins in Ethereum’s market belong to USDT, while USDe gained almost 25% monthly growth.
• The Ethereum DEX volume was $984 million in 24 hours as user fees and on-chain revenues climbed across major applications.

Ethereum recorded $1.93 billion in stablecoin inflows over the past seven days, outpacing all other chains, according to recent data. This surge also brought the total stablecoin market cap of the network to $124.68 billion, with over 50.63% of the supply being made up of Tether (USDT).

The rise came as on-chain activity went up, too. Ethereum’s DeFi TVL hit $61.246 billion, up 1.38% over the past 24 hours. The volumes of DEX were similarly high, at $984.56 million daily and 426,731 active addresses in the same time frame.

Ethena’s USDe is still third on the list of top stablecoins on the network by market cap, behind USDT and USDC. In the past 7 days, USDT gained 1.17%, while USDe jumped 8.96%, recording a 24.88% increase in the past month. Although the market cap declined slightly, it remained over $3.84 billion and was instrumental to DeFi protocol usage.

DEX Activity and Gas Fees Reflect Growing Demand

Over the last 24 hours, Ethereum users paid $35.63 million in protocol fees, most of which came from high-volume decentralized applications. This corresponds with a rise in trading volumes on many DEX platforms, showing increasing demand for liquidity provisioning on the chain.

On the other hand, Ethereum processed $45.91 million in daily inflows simultaneously, proving that it is still the leading settlement layer for stablecoins. Although there has been recent volatility in spots this series, spot net flows have been a reliable measure of investor positioning, with significant accumulation spikes in May and early June.

Perps volume also drove $491 million in daily trading activity in additional support of the broader resurgence of the DeFi speculation. Over the past 24 hours, revenue from Ethereum-based apps has hit $1.55 million.

Stablecoin Issuers Signal Market Confidence

Over the past week, the broader stablecoin market on Ethereum grew 1.58%. The largest stablecoin with a market cap of $63.122 billion remained USDT. The second was USDC, with $36.71 billion. On the other hand, Sky Dollar (USDS) climbed 15.38% over the last 7 days, indicating new adoption or integration events.

Among all tokens, Ethena’s USDe goes forth with the strongest increase in market cap monthly by reaching $5.708 billion, marking a 24.88% surge. This is based on the improved trust of alternative algorithmic models despite market instability from well-known stablecoins such as DAI and FDUSD.

Ethereum is the dominant infrastructure for institutional and retail capital flows, with its dominance in DeFi liquidity and stablecoin usage. The continued ETF narratives, high DEX turnover, and growth of fee revenue make Ethereum the go-to chain for deploying stablecoins and transactional activity.