Ethereum’s stablecoin supply has hit a new all-time high, signaling growing network strength as analysts like BitMine’s Tom Lee predict it could one day surpass Bitcoin’s market value.
Summary
- The supply of Ethereum stablecoins reaches a record $162.3 billion per DeFiLlama.
- DeFi TVL grows to $81 billion while DEX volumes remain above $80 billion.
- Analysts debate Ethereum’s potential to surpass Bitcoin’s market value.
Ethereum’s stablecoin supply has reached a new peak of $162.3 billion, showing steady growth in network activity and investor confidence in the decentralized financial markets.
The total value of stablecoins issued on Ethereum (ETH) has risen from around $130 billion in July to an all-time high of $162.3 billion at the time of writing, according to DeFiLlama facts.
DeFi and DEX volumes are showing renewed momentum
The steady growth of Ethereum’s DeFi ecosystem has been accompanied by a spike in stablecoin supply. The total value captured has increased to $81 billion from about $60 billion in July.
The exchange’s monthly decentralized trading volumes have also remained above $80 billion for three consecutive months. As traders and developers continue to choose Ethereum for DeFi applications and tokenized assets, this signals high network usage and increased liquidity.
The growth of stablecoins often marks greater transaction volume and a more engaged user base, two key characteristics of a healthy network.
Analysts are revisiting the Ethereum-Bitcoin debate
Ethereum’s momentum has renewed the debate over whether it could one day surpass Bitcoin (BTC) in total market value, a concept known as flipping.
Tom Lee, head of research at BitMine, compared Ethereum’s potential to the rise of US stocks after the gold standard ended in 1971. “Ethereum could flip Bitcoin just like Wall Street and stocks flipped gold after 1971,” Lee said at a meeting on Oct. 16. interview with Cathie Wood, CEO of ARK Invest.
Bitcoin’s market cap is currently $2.07 trillion, while Ethereum’s is $445 billion. Lee believes that as tokenization expands and brings assets like stocks and real estate onto the chain, Ethereum could become the key layer for digital finance.
Other figures, such as Joseph Lubin and Nigel Green, share a similar view, while Bitcoin proponents such as Samson Mow argue that Ethereum’s growth cycles are temporary.
