Stablecoin market cap hits ~$323B as Ethereum staking ratio reaches 32.4% ATH

Stablecoin supply expanded to around $323 billion, with more than $3 billion added this month, as liquidity conditions improved. Ethereum’s staking ratio also climbed to a new all-time high of 32.4%, while ETH/BTC stayed under pressure after weeks of declines. The setup puts focus on whether past links between stablecoin liquidity and ETH’s relative strength versus Bitcoin re-emerge this cycle.