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

Stablecoins issued on the Ethereum blockchain have reached approximately $165 billion in reserves, placing them around the 22nd largest among global foreign-exchange holdings, surpassing reserves held by nations like Singapore and India. This development highlights the structural maturation of the Ethereum ecosystem, where stablecoins are increasingly used for settlement and collateral, reinforcing ETH's role as a macro-scale digital reserve asset. Despite this significant on-chain metric, Ethereum's spot price has recently softened, falling below $4,000, as investors await confirmation from institutional positioning and network activity. While on-chain data shows increased long positions by whales, suggesting accumulation, the market remains cautious, awaiting catalysts like regulatory clarity or sustained stablecoin flows to drive renewed upward price momentum.

(Source：BeInCrypto)