Despite a slump in Ethereum’s price, reaching levels reminiscent of its 2021 rally, one metric offers a ray of hope for the ETH network. Stablecoins have surged significantly over the last four years, marking a beacon of optimism in an otherwise struggling crypto landscape. 4 Years On: Stablecoin growth has soared, with Ethereum’s stablecoin supply growing by a staggering 5.6x since 2021. From just $22 billion at its peak in early 2021, the Ethereum-based stablecoin supply now stands at a robust $123 billion. This remarkable growth, according to DefiLlama data, is driving optimism for Q2 2025. However, the crypto landscape remains bleak overall, with Bitcoin’s price struggling above $83,600 and developer activity hitting its lowest point since 2018. While DeFi metrics like TVL and DEX trading volume show signs of resilience, the crypto winter continues to cast a shadow on the industry. Analyst Miles Deutscher suggests that AI is siphoning developers away from crypto and VC funding has dwindled.