Recently, the price of Ethereum has shown a rising trend, but the reasons behind this surge may be unexpected. Interestingly, the gas fees for Ethereum have not yet returned to the levels seen around July 2024, which indicates that the current price increase is not driven by the activity of the on-chain ecosystem.

In fact, the main factor driving Ethereum's strength is the passage of the US stablecoin bill. The Ethereum network currently hosts about $130 billion in stablecoins, accounting for half of the total market value. According to industry experts' predictions, the total market value of stablecoins could reach an astonishing scale of $50 billion to $75 billion by 2026. As the preferred blockchain platform for stablecoin issuance, this provides enormous potential for Ethereum's future development.

We can corroborate this viewpoint by observing the performance of projects related to stablecoins. For example, protocols like ENA, Aave, and Curve have shown significant strength in the market, demonstrating more resilience compared to other cryptocurrency projects. This phenomenon further confirms the important role of stablecoins in driving the development of the Ethereum ecosystem.

It is worth noting that although the market may experience fluctuations in the short term, the growth potential of Ethereum remains enormous in the long run. As the stablecoin market continues to expand and mature, Ethereum's position as a core infrastructure may be further solidified.

However, investors still need to exercise caution and closely monitor changes in the regulatory environment and market risks. At the same time, the technical challenges faced by Ethereum, such as network congestion and scalability issues, will also be key issues that need to be continuously addressed and monitored during future development.