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Ethereum Leads Stablecoin Market Growth with $243 Million Increase
In the week ending October 9, 2026, the stablecoin supply across Ethereum, Arbitrum One, and Base increased by a total of $403.1 million, with Ethereum contributing the largest share of approximately $243 million. This growth positions Ethereum as the leading platform for dollar-pegged tokens, with its stablecoin supply now totaling around $146.5 billion, accounting for about 47-48% of the total on-chain stablecoin supply tracked by DefiLlama.
The Layer-2 networks, Arbitrum One and Base, also saw increases in their stablecoin supplies, with Arbitrum rising by 2.08% and Base by 0.86% over the same period. Layer-2 networks are built on top of Ethereum to facilitate cheaper transaction processing before settling back to the main network, making them popular among users.
USDT, issued by Tether, and USDC, issued by Circle, dominate the stablecoin landscape on these networks, with USDT alone controlling approximately 50% of Ethereum's stablecoin supply. This concentration raises concerns about liquidity risks, as any issues affecting Tether could significantly impact on-chain activities. Overall, the stablecoin market cap remains stable, fluctuating between $300 billion and $306 billion, indicating a period of consolidation rather than rapid growth.
Source: KLEA News