Ethereum L2 Stablecoin Supply Reaches $13.5 Billion, All-Time High

The supply of stablecoins locked in the Ethereum (ETH) Layer 2 (L2) network has approached $13.5 billion.

On the 20th (local time), cryptocurrency media Cointelegraph reported, citing data from Tai Terminal, "The current supply of stablecoins such as Tether (USDT), USD Coin (USDC), and EdenaUSD (USDe) on the Ethereum blockchain has reached $13.5 billion, marking an all-time high."

Matthias Seidel, co-founder of Grosspay, explained, "Recently, the supply of stablecoins within Ethereum L2 is increasing. Stablecoins are emerging as a new killer use case in the Layer 2 ecosystem."

According to DeFiLlama data, the Arbitrum One ecosystem holds the most stablecoins at $6.75 billion, followed by the Base Chain at $3.56 billion.