#稳定币市场动态 The on-chain stablecoin supply of Ethereum reaching a new high of $166 billion is indeed remarkable. This data reflects that the DeFi ecosystem is maturing, and the position of stablecoins as a settlement infrastructure is further solidified. In terms of capital flows, USDT and USDC still dominate, at $87.8 billion and $48 billion, respectively.

This increase in supply may indicate that institutional investors have greater confidence in the Ethereum ecosystem. At the same time, it may also mean that more liquidity is entering DeFi protocols, providing stronger support for the entire ecosystem.

However, we also need to closely monitor the usage and distribution of these stablecoins. A high supply does not necessarily equate to high activity; it is essential to track on-chain data in the future, analyze the circulation speed of stablecoins and changes in major holders to assess their actual influence.