Ethereum Network Celebrates $8B Tokenized US Treasuries Milestone

Key Insights:

• Ethereum now has over $8 billion worth of tokenized US treasuries.
• Stripe rolls out its BRIDGE stablecoin on the Ethereum layer 2 network Celo.
• Ethereum to host Canada’s first regulated stablecoin.
• ETH price struggles to break above short-term resistance.

Some interesting Ethereum news popped up this mid-week as the market continues to enjoy bullish momentum. From the tokenized segment to ETFs and stablecoin launches, here are some of the top headlines on Wednesday.

The Ethereum network just celebrated another major tokenization milestone. The number of US treasuries on the network crossed the $8 billion mark for the first time in history.

Tokenized treasuries hit a new milestone on Ethereum | Source: Token Terminal

Token terminal noted that the number of US treasuries doubled within the last 6 months. This underscored a robust growth pace. The same asset type crossed the $1 billion mark in Q4 2024.

Stripe’s Bridge Stablecoin Rolls Out on Ethereum Layer 2 Celo

This is yet another noteworthy development for the Ethereum network. The latter has been collecting stablecoins like infinity stones, and this has made it quite powerful in terms of liquidity.

Liquidity plays a vital role in boosting network utility. The Bridge stablecoin, owned by payment giant Strike, is the latest addition to the Ethereum network’s ecosystem.

The data also revealed that Celo has been prioritizing stablecoins, and the strategy was paying off. Preliminary information revealed that the total transactions on the Ethereum layer 2 had already surpassed 1.3 billion.

Stablecoin volumes clocked $65 billion by 25 March. Meanwhile, Stripe happens to be one of the biggest payment platforms. Embracing stablecoins may thus boost its reach, especially in the decentralized world.

Stripe’s strategy with the Bridge stablecoin is somewhat similar to PayPal’s strategy with its PYUSD stablecoin.

Canada’s First Regulated Stablecoin Debuts on Ethereum

Bridge was not the only stablecoin making its way into the market through Ethereum this week. Recent reports also revealed that Canada has given regulatory approval to its first regulated stablecoin pegged to the Canadian dollar.

The stablecoin, which just received approval from Alberta regulators, was reportedly launched by Tetra Trust. Initial reports stated that it had robust institutional backing from National Bank and  Shopify.

Shopify’s involvement suggests the new stablecoin might be used for online retail. This is because Celo’s stablecoin adoption has been largely driven by Mini Pay, a stablecoin payment platform on the Celo layer 2 network.

In-browser stablecoin payments may thus be a potentially significant driver of robust retail volumes. In other words, the focus is shifting towards driving real-world uses.

ETH Price Struggles to Escape Its Consolidation Zone

ETH price was off to a healthy start in the first week of May. The Ethereum-native coin traded as low as $2,230 at the end of May, but it surged to $2,424 over the last 24 hours.

Despite this bullish bias, ETH still struggled to push past the resistance level in its April consolidation zone. It even pulled back slightly in the last 24 hours, ending its streak of consecutive daily candles.

Ethereum price action | Source: TradingView

Some of ETH’s top rivals, such as Tron and even Bitcoin, achieved notably higher gains in the last 7 days. Nevertheless, the ETH price still managed to secure significant upside in the last few days, even though a breakout from the consolidation zone failed.

Institutional buyers also got in on some action. Ethereum ETFs also maintained an overall uptrend in the last few days, albeit relatively limited. Ethereum ETFs had over $157 million in total net inflows on Monday and Tuesday. They have so far acquired about $250 million worth of ETH since the start of May.

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