Opinion: Key bull market signal – ERC-20 stablecoin supply remains at a record $185 billion.

According to the latest research from on-chain analytics platform CryptoQuant, despite the recent crypto market correction, the supply of ERC-20 stablecoins remains at an all-time high of $185 billion, considered a classic bullish signal for continued growth in the crypto market. CryptoQuant contributor XWIN Research Japan stated that the total supply of ERC-20 stablecoins on the Ethereum network alone has reached an all-time high of $185 billion by 2025 and continues to hover around that level this month. The research argues that the growth in stablecoin supply is more consistent with Bitcoin price, directly reflecting the capital entering the crypto ecosystem. Simultaneously, the research emphasizes that stablecoin supply is a better benchmark for measuring industry performance than the global M2 money supply. Furthermore, CryptoQuant points out that stablecoin reserves on Binance, the largest cryptocurrency exchange, have "surged," contrasting sharply with declining reserves of Bitcoin and ETH. This suggests that traders may have taken profits at high prices and are holding large amounts of "dry powder," waiting for a price correction or macroeconomic stabilization as fuel for a new round of explosive growth.