Ethereum Reaches 148 Million Holders as Staking and ETF Inflows Boost Bullish Outlook

James Gathecha Avatar
  • Ethereum has surpassed 148 million total holders, backed by record-high staking inflows and sustained ETF investments, signaling strong long-term investor confidence.
  • Despite recent price dips and short-term caution, these metrics suggest Ethereum could be poised for a bullish breakout.

Stablecoins Boom—But Who Will Rule the Rails?
The stablecoin sector has seen meteoric growth, exploding from $5 billion to over $240 billion in just five years—a 4,600% surge. As the space matures, two dominant players, Tether and Circle, are rewriting the rules. But their latest moves have Ethereum enthusiasts raising red flags.

Both firms are doubling down on customized infrastructure. Tether is launching Plasma, a Bitcoin sidechain designed to streamline USDT issuance, while Circle is rolling out the Circle Payment Network (CPN) to power frictionless global transfers. While these efforts could turbocharge adoption, they may also sideline Ethereum in the process.

Also read: XRP 2025 Key Dates: Important Ripple Lawsuit Updates, ETF Decisions & Payment System Upgrades for XRP Holders

Centralization Concerns Shake Ethereum Community
Ethereum advocate Ryan Berckmans voiced strong criticism, calling Plasma and CPN “unnecessary and risky centralization and capture attempts.” He likens them to “alt L1s,” warning they could threaten the open, decentralized ethos of crypto and create barriers for users, merchants, governments, and even TradFi newcomers.

Berckmans champions Ethereum’s role in the stablecoin ecosystem. Backed by Visa data, Ethereum currently holds a commanding lead with $115 billion in stablecoin supply, far outpacing Tron’s $80 billion.

Can Ethereum Retain Its Dominance?
Berckmans urges newcomers—especially banks and TradFi firms—to focus on launching Ethereum Layer 2s (L2s) instead of building closed ecosystems. He believes that keeping stablecoin liquidity within Ethereum could maximize DeFi yield opportunities and drive innovation.

Interestingly, Tether’s Plasma could have a dual purpose: boosting Bitcoin DeFi while also offering offramps for USDT. The network’s XPL token attracted $500 million within minutes of its token sale, underscoring the intense investor appetite.

Circle IPO Fuels Investor Frenzy
Circle’s IPO success is another sign the market is hungry for stablecoin exposure. Its CRCL stock soared from $31 to $122 before settling around $117, showing investors are eager to bet on this booming segment.

With Tether and Circle building their own rails, and Ethereum defenders pushing back, the future of stablecoin infrastructure is now a high-stakes battleground.