- Ethereum hosts approximately $140 billion in stablecoins, representing nearly half of the total stablecoin market.
- Ethereum accounts for roughly 40% of tokenized assets, with major issuers including BlackRock, WisdomTree and Invesco.
- Ethereum leads in applications and developer activity, while its investment products hold over $13 billion in assets.
Ethereum ranks first among smart contract platforms in stablecoins, tokenized assets, applications, developers and investment products, according to Grayscale. In a report, Grayscale Head of Research Zach Pandl outlined the network’s position across these sectors. The report also detailed the value of assets and investment products connected to Ethereum.
Ethereum Holds Nearly $140 Billion in Stablecoins
According to Pandl, Ethereum hosts nearly half of all stablecoins, representing approximately $140 billion. These digital tokens provide users with a way to hold dollar-denominated value through blockchain networks.
Ethereum also accounts for approximately 40% of tokenized assets. That figure exceeds twice the amount held on the next-largest network. Notably, major financial firms have issued tokenized assets on Ethereum.
These issuers include BlackRock, WisdomTree and Invesco. The network also leads in application development. More than 2,000 applications operate directly on Ethereum, while its Layer 2 ecosystem supports another 6,000.
Developer Activity and Investment Products
Pandl also identified developer activity as another area where Ethereum ranks first. He said more developers work on Ethereum than any other network. The report also highlighted investment products available to U.S. investors seeking exposure to ETH.
Exchange-traded products linked to the token hold more than $13 billion in total assets. Meanwhile, CME-listed Ethereum futures have more than $3 billion in open interest. These products provide additional ways for investors to access Ethereum-related markets.
Grayscale Describes Ethereum as Financial Infrastructure
Pandl compared Ethereum with an operating system that supports different financial applications. He described the blockchain as a network of computers running open-source software to process transactions.
He also compared blockchain adoption with the internet’s effect on information sharing. According to Grayscale, blockchains reduce barriers to transferring money and assets. The report identified stablecoins and tokenization as major areas changing payments, savings and investment.
Pandl said future financial infrastructure would require several technologies, including blockchain networks. Grayscale’s assessment places Ethereum at the center of these developments through its stablecoin activity, tokenized assets, applications, developers and investment products.
