Ethereum’s role as the dominant settlement layer for dollar-pegged tokens and other on-chain assets is expanding rapidly. On-chain data compiled by The Block shows treasuries controlled by 69 corporate and protocol entities now hold more than 4 million ether, valued at just over $17 billion at current prices. The milestone comes as the network processes record volumes of stablecoin payments and attracts fresh inflows from large issuers. Tether and Circle together increased the value of their tokenized assets on Ethereum by roughly $47 billion in the last 12 months, according to Token Terminal. Separate figures from DeFiLlama put Ethereum’s stablecoin transaction volume at about $143 billion, giving the chain a 51 percent share of the broader stablecoin market. Smaller issuers are also scaling up. World Liberty Finance this week minted an additional $205 million of its USD1 token, bringing that stablecoin’s circulating supply to $2.4 billion. Industry dashboards show tokenized real-world assets on Ethereum have grown nearly 20-fold since January 2024, underscoring the network’s widening appeal as both a treasury and payments rail.