Ethereum currently holds approximately 60% of the stablecoin market share, according to data from Token Terminal. Projections suggest that if $1.7 trillion in stablecoins are issued on-chain over the next three years, Ethereum could still see an increase of about $850 billion in stablecoin supply by 2028, even if its market share declines to 50%. This underscores Ethereum's significant role as a Layer 1 blockchain in the stablecoin ecosystem.