Ethereum Stablecoins Surpass $165 Billion Surpassing Major National FX Reserves

Standard Chartered projects the tokenized real-world assets (RWAs) market could reach $2 trillion by 2028, driven significantly by stablecoin growth and blockchain advancements, particularly on Ethereum. Stablecoins on Ethereum have seen a surge in usage and reserves, with over $183 billion held in Ethereum-based stablecoins, surpassing the foreign reserves of some countries. Transaction volumes for stablecoins hit over $2.8 trillion in October, fueled by institutional accumulation and increased demand for cross-border payments and real-time settlements. Institutional investors and large holders are steadily accumulating Ethereum, indicating confidence in its long-term role as a foundational layer for decentralized finance and digital reserves. Despite recent price softness below $4,000, Ethereum's ecosystem demonstrates structural maturity as stablecoins become integral collateral and settlement assets, with on-chain data showing increased long positions and strategic accumulation. These trends underscore Ethereum's emerging status as a macro-scale digital reserve and a critical infrastructure for future digital finance growth.