Stablecoin circulation on Ethereum's L1 and L2 networks has now surpassed the $171 billion mark. - The Ethereum mainnet alone holds $152.8 billion (up 78% year-over-year). It remains the undisputed center of stablecoin liquidity. - Total L2 circulation exceeds $18 billion, led by Arbitrum ($8.8 billion) and Base ($3.9 billion). - L2 growth is accelerating: Arbitrum grew 92% year-over-year, Mantle grew 172%, and Base set a record for the fastest-growing L2 stablecoin supply. Thanks to @OnchainHQ and @LeonWaidmann for their contributions!