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Ethereum stablecoin and tokenized fund market cap drops 19% to $168.3 billion after KelpDAO exploit

The combined circulating market cap of Ethereum stablecoins and tokenized funds fell 19% from $206.7 billion to $168.3 billion in the nearly seven months following the KelpDAO exploit, according to Token Terminal data.

Token Terminal line chart showing circulating market cap of Ethereum stablecoins falling from $182B to $153.3B and tokenized funds declining from $25.1B to $15.0B.
Image: @Cointelegraph

The combined circulating market cap of stablecoins and tokenized funds on Ethereum has dropped 19% over nearly seven months following the April 18 KelpDAO exploit, sliding from $206.7 billion to $168.3 billion, according to research shared by Token Terminal.[1][2]

Detailed figures from the Token Terminal Data Catalog, tracking daily metrics from November 9, 2023, through November 8, 2026, show that Ethereum stablecoins contracted from $182 billion at the time of the exploit to $153.3 billion. During the same period, tokenized funds on the network decreased from $25.1 billion to $15.0 billion.[1]

The decline was also reported by Cointelegraph and Crypto Briefing, with Crypto Briefing stating that the contraction in Ethereum's stablecoin market highlights broader vulnerabilities in decentralized finance, driving a reassessment of risk and liquidity management across the ecosystem.[1][3]

Key facts

  • Ethereum's combined market cap for stablecoins and tokenized funds fell 19% from $206.7 billion to $168.3 billion following the KelpDAO exploit.
  • The KelpDAO exploit took place on April 18, and the tracked decline spans nearly seven months through November 8, 2026.
  • Ethereum stablecoins dropped from $182 billion after the exploit to $153.3 billion as of November 8, 2026.
  • Tokenized funds on Ethereum decreased from $25.1 billion after the exploit to $15.0 billion as of November 8, 2026.
  • The data originates from the Token Terminal Data Catalog's daily circulating market cap metrics running from November 9, 2023, to November 8, 2026.

Sources 路 3 sources

  1. CO

    Cointelegraph@CointelegraphPost on X 路

    馃毃 LATEST: Ethereum鈥檚 stablecoin and tokenized fund market cap has fallen 19% from $206.7 billion to $168.3 billion since the KelpDAO exploit on April 18. https://t.co/96q0NDG3uO

    Open source
  2. TT

    Token Terminal 馃搳@tokenterminalPost on X 路

    Ethereum stablecoins and funds are down 19% since the KelpDAO exploit. Combined market cap fell from $206.7B to $168.3B over nearly 7 months. https://t.co/styh6hRzyv

    Open source
  3. CB

    Crypto BriefingArticle 路

    Ethereum stablecoin and tokenized fund market cap drops 19% to $168B The contraction in Ethereum's stablecoin market highlights vulnerabilities in DeFi, prompting a reevaluation of risk and liquidity strategies. The post Ethereum stablecoin and tokenized fund market cap drops 19% to $168B appeared first on Crypto Briefing .

    Open source