Key Insights:
- Ethereum stablecoins added $1 billion every weekday, pushing total supply above $165 billion.
- Bitcoin’s stablecoin ratio flashed a rare buy signal, seen before past rallies.
- Tokenized gold on Ethereum doubled to $2.4 billion, showing wider demand beyond stablecoins.
Ethereum added about $5 billion in new stablecoins over the past week, equal to $1 billion every weekday. This lifted its total stablecoin supply above $165 billion, the highest ever.
For traders, this means fresh money is flowing into the network. When stablecoins rise like this, it often sets the stage for new buying across the crypto market.
Stablecoins Push Ethereum to Record Levels
Stablecoins are tokens designed to track the value of a dollar. Traders use them to buy other coins or to store money safely on the blockchain.
On Ethereum, stablecoin supply has now more than doubled since early 2024, crossing $165 billion.
Adding $1 billion per weekday shows strong and steady demand. This money is not sitting idle; it gives traders more fuel to buy ETH itself and other tokens built on it.
Because Ether is the main network where stablecoins are issued, it has become the center of this money flow. The more stablecoins that arrive, the stronger Ethereum’s role becomes in guiding the rest of the market.
Buy Signals Translate to the Broader Crypto Market
The wave of stablecoins is not helping Ethereum alone. Bitcoin is also showing a rare buy signal linked to stablecoin balances on exchanges.
Data from CryptoQuant shows that when Bitcoin reserves get low compared to stablecoin reserves, the setup often leads to rallies.
This pattern has appeared only a few times in recent years. The last time was in March, right before Bitcoin price jumped from $78,000 to above $123,000.
Seeing the signal now suggests stablecoins are stacking up and buyers are getting ready.
At the same time, gold-backed tokens on Ethereum are rising fast. These tokens, such as PAXG and XAUT, are digital versions of gold that people can trade on the blockchain.
Together, they now hold about $2.4 billion, nearly double since the start of the year. This shows that not all the new money is waiting in dollars; some of it is moving into tokenized gold as a store of value.
Hyperliquid Joins the Stablecoin Push Beside Ethereum
This growing stablecoin story is also driving change in exchanges. Hyperliquid, a new trading platform, has pulled in more than $5 billion in deposits. It is now entering what many call the “stablecoin wars.”
That phrase means platforms are fighting to attract users and stablecoin flows.
Hyperliquid is offering new markets on-chain, such as tokenized versions of stocks and commodities, while sharing nearly all revenue back with its users. The result is more people moving their stablecoins to trade there.
This ties back to Ethereum’s surge because most of these stablecoins are issued on Ethereum in the first place.
As Ethereum’s stablecoin base grows, it supports not only ETH and Bitcoin but also new players like Hyperliquid. The flow of stablecoins connects them all.
The $1 billion per weekday stablecoin inflows on Ethereum show that fresh money is entering the market at a record pace. Bitcoin is flashing a rare buy signal tied to these flows.
Tokenized gold demand is climbing, and Hyperliquid is drawing attention with new uses for stablecoins.
All these pieces fit together: Ethereum’s stablecoin surge is bringing momentum that could spread across the market, from Bitcoin to gold-backed tokens to new trading platforms.