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Tom Lee has highlighted the growing impact of stablecoins in both the digital and traditional financial scenes and how they could benefit Ethereum.
Bitcoin, often referred to as digital gold, stands as the most prominent cryptocurrency in existence. Its scarce property and historical price performance back this narrative, drawing the institutional interest seen today.
However, Tom Lee, the CIO of Fundstrat, believes that Ethereum could follow a similar path to Bitcoin and become the next big thing in the financial system. He shared this narrative in a CNBC Squawk Box appearance on June 30, highlighting the reasons behind the sentiment.
Stablecoin: A Game-Changer for Ethereum
Specifically, Lee told CNBC that legal financial institutions and their digital counterparts are beginning to converge, and stablecoin is the first catalyst for this unity. He described stablecoins as the ChatGPT of crypto, as their traction has transcended the digital space to viral adoption from banks and payment merchants.
Underneath these fiat-pegged cryptocurrencies is the Ethereum network, a blockchain Lee sees as the backbone and architecture of stablecoins. Notably, crypto enthusiasts view Ethereum as the smart contract layer of the crypto industry, as it was the first to birth the idea of decentralized finance (DeFi).
Remarkably, the United States has identified the possible impact of stablecoins on its economy; hence, the haste to pass the GENIUS Act into law. Both crypto czar David Sacks and Treasury Secretary Scott Bessent have acknowledged that stablecoins could bring in trillions of dollars to the US treasury market, with the latter projecting a growth of USD-pegged cryptos from $250 billion to $2 trillion.
Other companies are also looking to enter the stablecoin market. Firms such as Visa, Mastercard, and Shopify are exploring the integration of stablecoins, while Amazon, Walmart, and J.P. Morgan plan to create their own stablecoins.
Possible 10x Network Fees Growth
Interestingly, Lee highlighted that over 51% of stablecoins are on Ethereum, and their utility generates 30% of all network fees for the blockchain. Meanwhile, he had highlighted this in an earlier tweet, stating its possible impact on the Ethereum network.
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Stablecoin fees are 30% of Ethereum $ETH network fees today:– @SecScottBessent recently said >$2 trillion USD market for stablecoins is reasonable
– this is 10X exponential growth in network fees for $ETH Ethereum
– other nations may mint stablecoins = upside@fs_insight… pic.twitter.com/5mAzU6GZHa— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) June 28, 2025
If USD-pegged stablecoins rally to $2 trillion, as Bessent projected, Lee noted that it would mark an exponential 10x growth in Ethereum network fees revenue. Notably, he emphasized that these figures may increase as other nations begin to mint their own stablecoins.
Essentially, this backs his thesis that Ethereum may be the next Bitcoin.
Lee Joins BitMine as Chairman
Meanwhile, Lee’s comments follow his appointment as chairman of the board of directors for BitMine Immersion Technology on Monday. The firm also announced that it has raised $250 million through private placements to bolster its Ethereum treasury strategy.
Lee believes that BitMine aims to enter the Ethereum hoarding game before institutions flock in en masse as they did with Bitcoin. With the announcement, BitMine’s stock surged over 700% on Monday from around $4 to $50.
BitMine joins Nasdaq-listed SharpLink Gaming to establish an Ethereum reserve. Recall that the betting platform raised $1 billion in June to buy Ethereum under the tutelage of co-founder Joseph Lubin.