Ethereum leads stablecoin market cap growth, adding $243M in a week

Stablecoin supply across Ethereum, Arbitrum One and Base rose by a combined $403.1 million over the past week. Ethereum accounted for the largest piece, at approximately $243 million. The data comes from DefiLlama and covers a week in October 2026. No headline event appears to have triggered the move. Where the new dollars landed Ethereum’s stablecoin supply now sits at around $146.5 billion, according to DefiLlama figures. That makes the network the single largest home for dollar-pegged tokens tracked on-chain. Ethereum holds about 47-48% of the total on-chain stablecoin supply across the major networks DefiLlama tracks. The more interesting percentages came from the Layer-2 networks. Arbitrum’s stablecoin supply rose 2.08% over seven days. Base posted a 0.86% increase over the same stretch. For readers newer to the term, Layer-2 networks are separate chains built on top of Ethereum. They process transactions more cheaply and then settle back to the main network. Arbitrum One and Base are two of the most widely used. The tokens doing the heavy lifting Two names dominate the supply on these chains: USDT, issued by Tether, and USDC, issued by Circle. Both are designed to hold a stea...