Ethereum’s Stablecoin Supply Reaches New Heights, Fueling Speculation About Its Potential to Surpass Bitcoin
The Ethereum network has achieved a significant milestone, with its stablecoin supply reaching a record high of $162.3 billion, according to data from DeFiLlama. This surge in stablecoin supply is a testament to the growing strength of the Ethereum network and its increasing appeal to investors and developers in the decentralized finance (DeFi) space. 
The total value of stablecoins issued on Ethereum has experienced steady growth, increasing from approximately $130 billion in July to its current all-time high. This upward trend is accompanied by a rise in the total value locked (TVL) in DeFi, which has grown to $81 billion from around $60 billion in July. Furthermore, monthly decentralized exchange (DEX) trading volumes have remained above $80 billion for three consecutive months, indicating high network usage and increased liquidity.
DeFi and DEX Volumes Show Renewed Momentum
The growth of Ethereum’s DeFi ecosystem is closely tied to the increase in stablecoin supply. As traders and developers continue to choose Ethereum for DeFi applications and tokenized assets, the network is experiencing increased transaction volume and a more engaged user base. These are key indicators of a healthy and thriving network. The expansion of stablecoins on Ethereum is also likely to attract more investors and users, further solidifying the network’s position in the cryptocurrency market.
Analysts Weigh In on Ethereum’s Potential to Surpass Bitcoin
The recent momentum of Ethereum has reignited the debate about whether it could eventually surpass Bitcoin in total market value, a concept known as “flippening.” Tom Lee, head of research at BitMine, has drawn parallels between Ethereum’s potential and the rise of U.S. stocks after the end of the gold standard in 1971. Lee believes that Ethereum could become the primary layer for digital finance as tokenization expands, bringing assets such as stocks and real estate on-chain. Other experts, including Joseph Lubin and Nigel Green, share similar views, while Bitcoin proponents like Samson Mow argue that Ethereum’s growth cycles are temporary.
Bitcoin’s current market capitalization stands at $2.07 trillion, while Ethereum’s market capitalization is $445 billion. Despite the significant difference, the growth of Ethereum’s stablecoin supply and its DeFi ecosystem has led some analysts to predict that it could one day surpass Bitcoin. However, this speculation is subject to various market and economic factors and remains a topic of ongoing debate among cryptocurrency experts.
For more information on Ethereum’s stablecoin supply and its potential impact on the cryptocurrency market, visit https://crypto.news/ethereum-stablecoin-supply-all-time-high-2025/
