Ethereum’s evolution into a completely decentralized financial ecosystem is progressing steadily. Stablecoin issuance on the network has surged, and almost 50% of its total value is now in ERC-20 tokens.

Messari crypto researcher, Ryan Watkins (@RyanWatkins_), has observed that ERC-20 tokens are approaching 50% of the total value stored on Ethereum.

Over the past two years there has been a complete transformation in how value is stored and transferred on the Ethereum blockchain.

Chart courtesy of

The total value of all tokens on the network is approaching that of Ethereum itself, he added.

This is bullish for Ethereum as it represents an increase in the transfer of value on the network. Watkins continued to report that Ethereum is on pace to settle more than $530 billion this year, largely driven by the growth of stablecoins.

Ethereum’s status as the foundation for decentralized finance (DeFi) markets also solidifies its position as a primary store of value. According to, the total amount of ETH locked in DeFi is currently 2.7 million, or around 2.4% of the total supply.

As previously reported by BeInCrypto, Ethereum network metrics are continually improving, and it’s likely only a matter of time until this is reflected in its price.