Ethereum’s stablecoin market cap jumps 1m-fold since the first time ETH reached $1,4k

The total stablecoin market cap in the Ethereum ecosystem has jumped approximately 1 million-fold since the token reached $1,400 for the first time in January 2018. According to data on DeFi Llama, the ETH ( ETH ) stablecoin market cap has gone up to around $124.5 billion on May 6. However, it has declined by 0.08% or around $100 million in the past week. In January 2018, when ETH hit $1,400 for the first time in history, its stablecoin market cap sat at a measly $124,500. Despite its meager beginnings compared to its current state, it was enough to cement Ethereum’s place as the second-largest cryptocurrency by market cap, falling behind only to Bitcoin ( BTC ). At press time, Tether ( USDT ) continues to contribute the majority of ETH’s stablecoin market cap, making up around 52% of the ecosystem’s total stablecoin market cap or equal to around $64.7 billion from the $124.5 billion total. Chart showing the growth of Ethereum’s stablecoin market cap, May 6, 2025 | Source: DeFi Llama You might also like: Ethereum Foundation new co-executive responds to Vitalik Buterin’s latest RISC-V proposal On the other hand, USD Coin ( USDC ) injects $37 billion in market cap to the ETH ecosystem, followed by Ethena’s USDe ( USDE ) which makes up $4.5 billion of the total stablecoin market cap. Fourth and fifth place are occupied by Sky Dollar’s USDS and Dai’s DAI ( DAI ), contributing around $3.8 billion and $3.6 billion in stablecoin market cap respectively. At press time, ETH itself has dipped slightly by 0.89% in the past 24 hours. It is currently trading hands at $1,804, having jumped more than 10.9% in the past two weeks. ETH’s market cap stands at more than $216 billion, with a daily trading volume reaching $9.2 billion. This marks a slight 4.10% increase in trading volume compared to the previous day of trading, indicating a rise in market activity. As preciously reported by crypto.news, Ethereum is preparing to launch is next major upgrade this month. The upgrade is set to introduce a number of changes aimed at boosting on-chain scalability, improving user experience, and enhancing validator efficiency through EIP-7251’s maximum stake adjustment from from 32 ETH to 2,048 ETH. Read more: Ethereum’s Pectra upgrade to launch in May, targeting UX, L2 costs