Ethereum Now Holds $165B in ‘Digital Dollars’ — Bigger Than Singapore & India’s FX Reserves

Ethereum’s ecosystem continues to draw attention as stablecoins on its blockchain reach approximately $165 billion in reserves, positioning it among the world’s largest.

However, ETH’s spot price has softened, dropping below $4,000, reflecting cautious investor sentiment. Market participants are closely watching institutional positioning and on-chain metrics. They want to see if Ethereum’s role as a macro-scale digital reserve can drive renewed price momentum soon.

Global Reserve Role for Ethereum-Based Stablecoins

Stablecoins issued on the Ethereum blockchain have now aggregated around $165 billion in reserves, ranking roughly 22nd among global foreign-exchange holdings. This exceeds some national reserve pools, including Singapore and India, underscoring Ethereum’s evolving role beyond a decentralized smart-contract platform.

Total Ethereum Stablecoins Market Cap: DefiLama

Analysts say the development shows structural maturation of the Ethereum ecosystem. Stablecoins are increasingly used as collateral, settlement assets, or digital reserve instruments rather than purely speculative tokens.

“When you really look at this and realize how much $ETH is integrated into stablecoins, you have to be bullish. According to the data, $ETH stablecoins rank among the 20 largest FX reserves, just behind the US,” a crypto investor, BigBob, noted on X.

When you really look at this and realize, how big not only stablecoin’s are but how much $ETH is being integrated into stablecoin’s. You have to be fucking bullish, according to the website I linked, $ETH stablecoin’s are the 20th largest FX reserve. Behind the US BFF