Ethereum Stablecoin Supply Explodes: From $22 Billion to $123 Billion

The Ethereum network saw a dramatic surge in stablecoin supply since January 2021, increasing from just $22 billion at that time to an impressive $123 billion today. This growth is attributed to the rise of DeFi applications and increased adoption by institutions. However, this surge hasn’t translated into a corresponding price increase for Ethereum, which has experienced a significant downturn, dropping nearly two-thirds since its peak in 2021.