Ethereum stablecoin and tokenized fund market cap drops 19% to $168B

The KelpDAO exploit's aftershocks are still draining capital from Ethereum's dollar-pegged and tokenized fund markets months later Ethereum ’s market for stablecoins and tokenized funds has shrunk 19% since the KelpDAO exploit. The combined figure slid from $206.7 billion to approximately $168 billion between April and early November 2026. The decline matters because stablecoins and tokenized funds are the cash layer of decentralized finance. When that layer contracts, everything built on top of it has less to work with. The trouble started on April 18, 2026. Attackers made off with roughly $292 million, or 116,500 rsETH, from KelpDAO in a span of 46 minutes. The entry point was KelpDAO’s bridge infrastructure. Specifically, the attackers compromised a single LayerZero decentralized verifier node, or DVN.

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