Ethereum stablecoin and tokenized fund market cap down 19% since April 18

The combined market capitalization of stablecoins and tokenized funds issued on Ethereum has fallen 19% to $168.3 billion from $206.7 billion on April 18, the date of the KelpDAO exploit, a decline of $38.4 billion, according to Mavisbit citing Token Terminal data. The 19% figure reflects the two asset classes combined, so individual declines for stablecoins and tokenized funds are not disclosed, and the data alone does not establish the KelpDAO attack as the cause. The drop matters because it signals a sharp contraction in two of Ethereum's core liquidity and real-world-asset segments following a major protocol exploit. Watch next for breakdowns separating stablecoin and tokenized fund flows, and for whether the decline reverses as confidence returns.