Ethereum Stablecoin Supply Hits Record High of $180B, Public Crypto Fundraising Hits Two-Year Low
TLDR
Ethereum stablecoin supply reached $180B, increased 150% in three years, holding a total market share of 60%.
Although the market share will decrease to 50%, the token terminal will reach up to $850B in Ethereum by 2030.
Public crypto sales fell 93% in eight months, from $698M in June 2025 to $46.8M in February 2026.
Private fundraising continues to be strong, with $14.5B raised across all crypto funding rounds by December 2025.
Ethereum stablecoin supply has surpassed a new all-time high of $180 billion, according to Token Terminal data. This figure represents a growth of 150% in the last three years.
Ethereum currently accounts for about 60% of the total stablecoin market. Meanwhile, early 2026 crowdfunding for cryptocurrencies has slowed significantly.
The contrast between stable coin growth and declining public sales tells a broader story about changing capital flows in the crypto market.
Ethereum leads the stablecoin market with strong growth forecasts.
Token Terminal data confirms that Ethereum's stablecoin supply has reached a record $180 billion. This 150% growth in three years demonstrates the continued demand for Dollar Page properties on the network. Ethereum's 60% market share makes it the main chain for stable coin activity by a wide margin.
Looking ahead, Token Terminal estimates that it could move up to $1.7 trillion on-chain over the next four years. Even in a conservative scenario, Ethereum would benefit greatly from this projected capital movement.
If Ethereum's market share drops to 50%, the network could still generate approximately $850 billion in additional revenues by 2030.
That prediction suggests sustained institutional and retail confidence in Ethereum as a settlement infrastructure. Stablecoin numbers are not just a metric – they reflect real liquidity sitting on the network. A more stable coin supply generally means more transaction activity and payment generation over time.
Growth will come as competing chains expand their ecosystems. However, Ethereum's lead in stablecoin dominance remains structurally intact for now. The $180 billion figure sets a new benchmark for the broader onchain economy.
When private capital remains active, public fundraising is reduced
Crypto analyst Stacey Moore posted a snapshot of Q1 2026 where public sales hit their lowest point in two years. As of February 2026, it has raised only $46.8 million in IDO, ICO and IEO formats combined. By comparison, June 2025 brought in about $698 million — a 93 percent drop in eight months.
However, total fundraising in individual rounds tells a different story. By December 2025, including private rounds, approximately $14.5 billion had been raised.
January 2026 followed with $2.17 billion, and February came in at $1.21 billion. The money didn't leave crypto – it simply moved away from public channels.
At the chain, Solana led the dollars raised in public rounds last year. BNB Chain recorded the highest number of transactions with 251, Ethereum with 146 and Solana with 115.
Emerging chains such as Base, Sonic, Monad and Unichain are also visible in the data but remain relatively minor players.
Launchpad returns are also highly focused. Binance Wallet generated a 482.6% return on investment, PancakeSwap's Cake.pad at 300.7% and Nozomi Network at 200.4%.
Below the top five, performance drops significantly, with many platforms registering negative responses. Infrastructure and DeFi dominate fundraising, with GameFi and NFT sales fading from their 2024 highs.
