2024 MILESTONE | Stablecoins Locked on Ethereum Layer 2 Networks Surpass $13 Billion in 2024, USDT Dominates

Stablecoins locked on Ethereum layer-2 networks have crossed $13.5 billion, reflecting growing demand for cryptocurrencies.

The combined stablecoin supply across all blockchains is led by:

• Tether ($USDT)
• Circle ($USDC), and
• Ethena’s stablecoin, $USDe

As of December 20 2024, the Ethereum blockchain hosted $13.5 billion in stablecoins, according to data from Tie Terminal. Overall, stablecoin circulation surpassed $205 billion, highlighting the ecosystem’s increasing significance in real-world applications.

According to DeFiLlama,

• Arbitrum One leads the list with $6.75 billion in stablecoins, followed by
• Base with $3.56 billion

As of December 11 2024, the total stablecoin market capitalization surpassed $200 billion and continues to reach new all-time highs after more than a year of consistent growth.

DeFiLlama data indicates the total stablecoin market cap has reached $202 billion, excluding algorithmic stablecoins, which rely on algorithmic mechanisms rather than being pegged to external assets like fiat currency or gold.

Stablecoin market capitalization has experienced consistent growth since November 7 2023 when it stood at $123 billion.

Tether (USDT) has led the stablecoin market, starting the year with a market cap of $91.7 billion. Throughout 2024, it has achieved steady monthly increases, surpassing $140 billion in market capitalization by December 19 2024, as reported by DeFiLlama.

Circle’s USD Coin ($USDC) is ending 2024 on a strong note, reaching its highest point of the year at $42 billion. However, this remains significantly below its all-time high of $55.8 billion, recorded in June 2022.