The combined market capitalisation of U.S. dollar-pegged stablecoins has climbed above $280 billion for the first time, according to on-chain analytics provider DefiLlama. The milestone underscores a resurgence in dollar-denominated liquidity across digital-asset markets after a protracted contraction in 2024 and early 2025. Ethereum remains the dominant venue for stable-value tokens. Data compiled by blockchain researcher Growthepie show nearly $150 billion of stablecoins now reside on Ethereum’s main network, with a record $164.7 billion when its layer-2 rollups are included. The platform absorbed more than $1 billion of additional stablecoins in a single day this week, the firm added. Solana is also attracting fresh capital. The network’s stablecoin float has climbed back above $12 billion, its highest level in roughly four months. Separately, the total value locked in Solana-based decentralised-finance applications has risen to about $11.6 billion, the most since January 2025, according to multiple data trackers. Stablecoins—tokens designed to maintain a fixed value, usually $1—serve as the primary settlement asset for crypto trading and lending. Their expanding supply often foreshadows increased trading activity and risk appetite across the broader digital-asset market.