Inside Ethereum’s hidden liquidity imbalance that can break its economic model

• Ethereum faces a growing structural challenge that few people openly discuss.
• Who really sets the rules when money is not native?

Ethereum [ETH] It is currently a backbone for a massive piece of financial activity of crypto.

Right now, the network is sitting on stablecoins, with more than $ 127 billion, with Bonds [USDT] Creating more than 50% of that. This is real, liquidity on the chain is put into work across the definition, withdrawal and the yield of agriculture.

But a closer look reveals a growing disconnection.

The stable -coin layer grows much faster than the ETH market value. If this imbalance continues, could the Ethereum fail to comply with the decentralization that was originally designed to guarantee?

Ethereum’s economic model faces a scaling paradox

Ethereum entered by 2025 with $ 110 billion Stablecoins circulating on-ride. Now, heading for the second half of the year, this number has risen to $ 127 billion. This is a hefty increase of $ 17 billion in just six months.

In particular, $ 64.36 billion from this offer comes from USDT itself, which represents 40.36% of the total market ceiling of $ 160 billion. But that could just be the beginning.

Looking forward, jpmorgan projects The Stablecoins market could expand $ 500 billion by 2028. Since capital is measured, the role of Ethereum as the primary settlement layer is likely to deepen.

However, structural imbalance begins to appear here.

EOf this began 2025 with $ 400 billion Market limitYet this figure slipped to $ 304 billion at the time of printing. On the other hand, the USDT offer increased by approximately 15.45%over the same period.

This gap raises concerns. If the native Ethereum asset does not grow with the value it ensures, its evidence system could weaken. On the other hand, for the network more dependent on external centralized capital.

How does stablecoins rising, will ETH control slip?

Imagine USDCwhich already plays a key role in Ethereum’s defic stack.

Protocols such as Aave and the compound rely on the core of the collateral. Meanwhile, Dao, merchants and institutions use them to move capital, treasure management and return. The whole activity helps to drive the Ethereum evidence system.

However, the catch is that liquidity is largely controlled by centralized issuers. In the case of USDC it is a circle.

And while Stablecoin is still rising, the volume defined by ETH has fallen to $ 6.8 billion, a decline in $ 30 billion at the beginning of this year, emphasizing the structural imbalance in the Ethereum economic model.

This divergence indicates a critical shift: capital flows into stable, externally controlled assets rather than native Ethereum token.

More users are based on stablecoins to borrow, become and move capital and skip ETH.

As a result, ETH demand slips, decentralization is harder to maintain and the market ceiling begins to feel pressure.

With capital favoring stability over an asset that ensures a string, Ethereum It may face early symptoms of deeper structural shift.