This milestone reflects heightened investor demand and the diversification of stablecoin models, which range from fiat-backed giants to yield-bearing challengers.
Other notable issuers include Sky and WLFI, which have positioned themselves as increasingly competitive second-tier rivals to established ones.
According to the firm, the projection is based on incremental adoption supported by favorable regulation and broader acceptance of tokenized assets.
Meanwhile, the same research identified that issuances are linked to arbitrage opportunities, allowing traders to profit when market prices deviate from parity.
At the same time, a new surge in stablecoins signals a wave of returning capital into digital assets, strengthening liquidity across the board. For Bitcoin, inflows create demand that indirectly sustains its role as the industry’s reserve asset.
The 2021 study indicated that large Bitcoin purchases often follow stablecoin issuances, suggesting a feedback loop in which liquidity inflows stabilize the market.
The report stated:
“Demand for stablecoins is driven by demand for cryptocurrencies – be it regular investments or arbitrage opportunities – and/or the market regards the issuance of stablecoins as a positive signal regarding the demand for cryptocurrency.”
Even in downturns like 2022, the value of tokenized assets on-chain remained steady, preventing Ethereum’s fully diluted market cap from collapsing further.
So, as more real-world assets migrate to blockchain networks, this floor expands, ensuring Ethereum’s long-term resilience despite price volatility.
In effect, the stablecoin boom is not an isolated story. It is accelerating capital efficiency, deepening crypto’s ties with mainstream finance, and reinforcing the foundations of both Bitcoin and Ethereum.
