Ethereum’s stablecoin dominance and its impact on DeFi growth

Ethereum dominated the DeFi ecosystem with a total lock-in value (TVL) of $78.1 billion, accounting for 63% of the global market share, driven mainly by stablecoins such as USDC and USDT. Supported by regulatory compliance, USDC soared 15% to $39.7 billion in the first quarter of 2025. Liquid pledged derivatives, such as Lido’s total locked value of $34.8 billion, release more than $1.2 billion in monthly revenue. With the emergence of $23 billion Ethereum ETF and large-scale stablecoin trading, institutional investors' adoption rate continues to grow, while regulatory regulations such as MiCAR and relevant U.S. policies have consolidated Ethereum's leadership in cross-border finance.