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$148.8B in stablecoins

The network now hosts about $148.8 billion in stablecoin value, plus roughly $15.5 billion in tokenized real-world assets.

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Over half the global supply

Ethereum's base layer settles more than 50% of all stablecoins in circulation, per data cited by CryptoSlate.

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But mainnet fees cooled

Daily base-layer revenue fell to about $330,000 as Layer 2 rollups take on more everyday transaction execution.

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The scaling trade-off

L2s were built to move execution off the expensive base chain — that's working, but it means Ethereum itself collects less per transaction.

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What to watch

Track whether L2 settlement demand flowing back to mainnet stabilizes base-layer revenue over the coming months.

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