Ethereum stablecoin share hits all-time low of 46%

Ethereum’s share of global stablecoin supply has fallen to 46%, an all-time low, according to crypto analyst Tom Wan. Over the past year, stablecoin supply on Ethereum dropped by $32.5 billion, while total market stablecoin supply declined by about $10 billion, implying capital rotated toward other chains. The metric measures Ethereum’s portion of total stablecoin supply, not its price or share of overall crypto market capitalization. The shift matters because stablecoins are a core source of liquidity and fee revenue for Ethereum, and a declining share signals that issuance and activity are migrating to competing networks. Watch next whether Ethereum’s stablecoin share stabilizes as new issuance resumes, and which chains absorb the reallocated supply.