According to the latest research from the on-chain analysis platform CryptoQuant, despite the recent pullback in the crypto market, the supply of ERC-20 stablecoins remains at a historical high of $185 billion, which is seen as a classic bullish signal for the continued rise of the crypto market. CryptoQuant contributor XWIN Research Japan stated that the total supply of ERC-20 stablecoins on the Ethereum network reached a historical high of $185 billion in 2025 and continues to hover around this level this month. The study suggests that the growth of stablecoin supply is more consistent than Bitcoin prices, directly reflecting the capital entering the crypto ecosystem. At the same time, the research emphasizes that stablecoin supply is a better metric for measuring industry performance compared to the global M2 money supply. Furthermore, CryptoQuant pointed out that the stablecoin reserves of the largest cryptocurrency exchange, Binance, have 'soared', in stark contrast to the declining reserves of Bitcoin and ETH. This indicates that traders may have taken profits at high prices and are holding a large amount of 'gunpowder' to fuel a new round of explosive rises when prices pull back or macroeconomic stability is achieved.