The supply of stablecoins on the Ethereum network has reached a new high of $180 billion, indicating that the main channel for on-chain USD is still concentrated on $ETH. This number itself doesn't necessarily mean an immediate price surge, but it at least shows two things: funds are still settling in Ethereum, and the ecosystem's liquidity foundation remains solid. Looking ahead, the real key is whether this capital can continue to stay on the chain rather than just remaining on paper. $ETH