- Ethereum leads stablecoin deployment, with market capitalization increasing from 124K USD to 124.5 billion USD.
- Institutional adoption and regulatory clarity position Ethereum as the foundation for digital finance.
Previously trading over 2,500 USD, Ethereum [ETH] now fluctuates around 1,844.18 USD with a daily increase of 2.75%, according to CoinMarketCap.
Despite significant price volatility, Ethereum's ecosystem tells a different story.
Ethereum's Stablecoin Market Creates Highlight
In January 2018, when ETH first exceeded 1,400 USD, the network's stablecoin market capitalization was only 124.5K USD.
By May 2025, that number had surged to 124.5 billion USD, according to defillama, emphasizing Ethereum's dominance as the preferred platform for stablecoin deployment.
With total stablecoin supply reaching a record 132.4 billion USD, Ethereum's on-chain fundamentals may be showing deeper growth momentum.
Leading this growth is Tether (USDT), occupying 52% market share, contributing 64.7 billion USD to ETH's total 124.5 billion USD stablecoin market.
Following is USD Coin (USDC) with 37 billion USD, along with new players like Ethena's USDe (4.5 billion USD), Sky Dollar's USDs (3.8 billion USD), and MakerDAO's DAI (3.6 billion USD) making their mark.
New challengers like BlackRock's BUIDL and PayPal's PYUSD signal increasing institutional interest.
In total, the global stablecoin market is approaching the 240 billion USD record, with over 5 billion USD added in late April, highlighting capital and demand flow into the Ethereum ecosystem.
Payment Giants Enter Stablecoin Market
Amid the growing stablecoin acceptance wave, institutional momentum and regulatory clarity are driving integration into mainstream trends.
Citi predicts the stablecoin market could exceed 2 trillion USD by 2030, with the highest estimate at 3.7 trillion USD, emphasizing expected adoption scale.
Notably, Mastercard has positioned itself at the forefront of this movement, launching an expansion initiative to enable 150 million merchants to accept digital USD.
Through strategic partnerships with Nuvei, Circle, and Paxos, the payment giant has built robust infrastructure supporting on-chain transactions, real-time money transfers, wallet integration, and even stablecoin-linked card issuance.
As global payment giants like Stripe join the stablecoin race, Ethereum's position as core infrastructure for digital finance becomes increasingly stronger.
