Ethereum Stablecoin Market Cap Shrinks $30.6 Billion as Capital Migrates to Rival Blockchains

Ethereum's stablecoin market capitalization has dropped by $30.6 billion over the past year, standing at roughly $135 billion as of November 2026. The decline coincides with capital reallocations rather than an overall sector departure, as aggregate stablecoin supply remained largely flat. Tron gained $16.1 billion and HyperEVM added $6.3 billion in stablecoin market value during the same timeframe. The liquidity contraction follows a prolonged fallout from the April 18 KelpDAO bridge exploit, which drained $292 million, causing Ethereum's combined stablecoin and tokenized fund market cap to drop 19% to $168 billion.