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The total stablecoin market cap within the Ethereum ecosystem has experienced exponential growth, surging nearly 1 million-fold since Ethereum first reached the $1,400 price milestone in January 2018.

Ethereum Stablecoin Market Cap Hits $124.5 Billion

As per the latest data, the Ethereum stablecoin market cap has risen to approximately $124.5 billion as of May 6, 2025. However, it has seen a slight decline of 0.08%, equivalent to around $100 million, in the past week.

Back in January 2018, when Ethereum first hit $1,400, its stablecoin market cap was a mere $124,500. Despite this modest starting point, Ethereum quickly solidified its position as the second-largest cryptocurrency by market cap, trailing only Bitcoin.

Tether Dominates Ethereum’s Stablecoin Market

At present, Tether (USDT) accounts for the largest share of Ethereum’s stablecoin market cap. It represents approximately 52% of the total stablecoin market cap within the ecosystem, amounting to around $64.7 billion out of $124.5 billion.

Meanwhile, USD Coin (USDC) contributes $37 billion, securing the second-largest position. It is followed by Ethena’s USDe, which adds $4.5 billion to the overall stablecoin market cap. Completing the top five are Sky Dollar’s USDS and Dai (DAI), contributing $3.8 billion and $3.6 billion, respectively.

Ethereum’s Price and Trading Activity

At the time of writing, Ethereum (ETH) has seen a minor dip of 0.89% in the past 24 hours, trading at $1,804. Over the past two weeks, ETH has gained more than 10.9%, reflecting growing investor interest. Its current market cap stands at over $216 billion, with a daily trading volume of $9.2 billion—marking a 4.10% increase in trading activity compared to the previous day.

Upcoming Ethereum Upgrade

In related news, Ethereum is gearing up for its next major upgrade this month. The new update is expected to deliver several enhancements, including improved on-chain scalability, a better user experience, and increased validator efficiency. Notably, the upgrade will introduce EIP-7251, which adjusts the maximum stake requirement from 32 ETH to 2,048 ETH, a move aimed at optimizing the network for long-term growth.

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