USDT Dominates as Ethereum Stablecoin Supply Hits Record $166B, Cementing DeFi’s Dollarization

On September 15, COINOTAG reported the total stablecoin supply on the Ethereum network reached a record $166 billion, up from $149 billion a month earlier, reinforcing Ethereum’s role as settlement infrastructure for DeFi. Of that aggregate, USDT on Ethereum comprises $87.8 billion while USDC accounts for $48 billion. Kronos Research’s Chief Investment Officer noted the milestone reflects a shift from a speculative instrument toward an anchor of dollarization within the decentralized finance ecosystem and indicates that Ethereum’s on‑chain liquidity is better positioned to absorb market volatility. Market participants and institutional desks will monitor on‑chain liquidity metrics and stablecoin flows as macroeconomic conditions evolve.