Ethereum's stablecoin supply has surged to $174.95 billion, marking a 0.6% increase from the previous week and a 63% rise compared to the same period last year. This growth is attributed to U.S. regulatory reforms under the GENIUS Act, which have provided much-needed clarity and encouraged greater institutional involvement in the crypto space. Additionally, Layer 2 networks such as Arbitrum One and Base are experiencing significant liquidity growth, contributing to the overall stablecoin supply reaching a record high of $283.2 billion.