Stablecoins have become one of the most critical forms of asset settlement in the crypto ecosystem. They are not only a key indicator of capital flow but also a vital measure of a blockchain’s market recognition. In this analysis, we take a closer look at the stablecoin data across 12 leading public blockchains to map out the competitive landscape.
Ethereum: Holding Its Ground with USDC Growth
Ethereum remains the dominant chain for stablecoins, with a total market capitalization of $122.5 billion, accounting for 50% of all stablecoin issuance. USDT is still the most prominent stablecoin on Ethereum, making up around half of its stablecoin supply. However, since the beginning of 2025, USDT issuance on Ethereum has declined by 5.07%.
Despite this drop, Ethereum continues to lead in USDC issuance. As of May 22, USDC supply on Ethereum reached 36.9 billion, representing 60.82% of all USDC in circulation. This marks a 46.4% increase since October 2024. The substantial growth of USDC has been crucial in helping Ethereum maintain its dominant position.
Tron: The Leading Chain for USDT and a Hub for Dollar Transactions
Tron has become the largest issuer of USDT, with over 99% of its stablecoin market dominated by USDT. It currently holds about 31.3% of the global stablecoin market share. Data from CryptoQuant shows that Tron processes an average of 2.4 million USDT transactions daily, far surpassing Ethereum’s 284,000.
In terms of transaction volume, Tron handles around $20 billion in USDT transfers each day, accounting for nearly 29% of all global stablecoin transaction value. More than one million unique accounts engage in USDT transactions on Tron daily.
Tron’s USDT supply grew from $48.8 billion in 2024 to $59.7 billion. In 2025 alone, Tether issued an additional $18 billion USDT on Tron, bringing the total supply to $77.7 billion. The network's low fees and high transaction speeds make it a preferred choice for retail users and emerging markets.
Recent developments, including collaborations involving Tron’s founder and political figures, may further influence its stablecoin adoption. For instance, the USD1 stablecoin is planned for native issuance on Tron.
Solana: High-Speed Network with Rapid Stablecoin Expansion
Solana has emerged as one of the fastest-growing networks for stablecoins. Starting from $1.8 billion in early 2024, its stablecoin market cap peaked at $13.1 billion in May—a 627% increase. Although its total stablecoin valuation now stands at around $11.4 billion, it still trails far behind Ethereum and Tron.
Notably, Solana’s DEX trading volume has exceeded Ethereum’s, yet its stablecoin adoption within the ecosystem is still developing. USDC is the stablecoin of choice on Solana, commanding 73% of the market. USDT follows with a 20% share. PayPal’s PYUSD is also gaining traction on the network.
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BSC: Dual Drivers of Zero Gas and USD1
As of May 2025, BSC holds approximately 2.4% of the global stablecoin market. Its stablecoin capitalization grew from $4 billion to around $10 billion over the past year—a 150% increase. Two major growth spurts occurred: one between November 2024 and January 2025, and another in April–May 2025.
The first surge was likely due to BSC’s zero gas fee campaign, while the second was propelled by the introduction of the USD1 stablecoin. Currently, 99.26% of USD1’s supply is on BSC, with a total issuance of about $2.1 billion.
USDT remains the largest stablecoin on BSC with a 59% share, while USD1 accounts for 21%. Recent on-chain data also indicates that BSC’s share of stablecoin DEX transactions rose to 28% in May.
Base: Coinbacked Growth Leader
Base, an Ethereum L2 incubated by Coinbase, has shown remarkable growth across metrics, including stablecoins. Its stablecoin market cap soared from $177 million in January 2024 to $4.09 billion—a whopping 2210% increase.
USDC is the dominant stablecoin on Base, making up 97.8% of the total. It is also the second-largest chain for USDC by cumulative transaction volume after Ethereum.
Hyperliquid: The Derivatives Giant’s Treasury
Although a relatively new player, Hyperliquid has quickly reached a stablecoin market cap of $3.26 billion—surpassing established chains like Arbitrum, Polygon, and Avalanche.
As a decentralized derivatives exchange, Hyperliquid primarily uses USDC. Recently, it added support for feUSD, USDT, and USDe, signaling a gradual expansion in its stablecoin offerings.
Arbitrum: Post-Incentive Decline
Arbitrum experienced significant volatility in its stablecoin market cap. Throughout 2024, it grew from $2 billion to a peak of $6.9 billion. However, in early 2025, it sharply declined to $2.73 billion.
This drop is attributed to the conclusion of incentive programs, Tether’s migration to a new cross-chain standard, and competition from high-yield chains like Blast.
Polygon: USDC Migration and Payment Experiments
Polygon’s stablecoin market cap increased from $1.26 billion to $2.15 billion over the past year—a nearly 70% rise. Key drivers include the introduction of native USDC and pilot programs with major payment processors.
USDT and USDC are the dominant stablecoins on Polygon, with market shares of 40.79% and 47%, respectively.
Avalanche: Modest Growth Despite Lower Fees
Avalanche saw a 79% increase in stablecoin market cap over the past year, but growth has stagnated since mid-2024. Despite a major upgrade that reduced fees by 96%, activity remains subdued, indicating that broader ecosystem growth is needed.
Aptos: Move Ecosystem’ Rising Contender
Aptos reached a stablecoin market cap of $1 billion for the first time in Q1 2025. Since the beginning of 2024, it has grown by 2408%. USDT and USDC are the main stablecoins, accounting for 62.39% and 32% of the supply, respectively.
Sui: Exponential Growth Amid Challenges
Sui recorded the most dramatic growth among all blockchains. From just $5 million in early 2024, its stablecoin market cap soared to $1.16 billion by May 2025—a 230x increase. USDC is the leading stablecoin, representing 75% of the supply.
However, Sui’s stablecoin ecosystem is still nascent, and recent security incidents have raised concerns. Attracting larger capital and ensuring safety remain key challenges.
TON: Telegram-Powered with Slowing Momentum
TON entered the stablecoin arena in 2024 with the introduction of USDT and XAUT. Its initial growth was rapid, reaching a USDT supply of $519 million by June 2024. However, its stablecoin market cap has since fallen from $1.4 billion to around $900 million in 2025, likely due to a lack of sustained momentum beyond mini-app hype.
Frequently Asked Questions
What is a stablecoin?
A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset like the US dollar. They are widely used for trading, remittances, and as a safe haven in volatile markets.
Why is Tron so popular for USDT transactions?
Tron offers low transaction fees and high speed, making it ideal for high-frequency and small-value transfers. This has made it particularly popular among users in emerging markets and for retail transactions.
How does Solana’s stablecoin adoption compare to its trading volume?
Although Solana has higher DEX trading volumes than Ethereum, its stablecoin market cap is significantly lower. This suggests that stablecoins are not yet as integrated into Solana’s ecosystem compared to its spot trading activity.
What factors influence stablecoin issuance on a blockchain?
Key factors include transaction cost, speed, user base, regulatory environment, developer activity, and strategic partnerships. Incentive programs and technological upgrades also play important roles.
Which stablecoins are gaining traction beyond USDT and USDC?
New entrants like USD1 and PayPal’s PYUSD are expanding to multiple chains. Algorithmic and collateralized stablecoins are also evolving, though market dominance remains with the major fiat-backed ones.
What are the risks associated with stablecoins?
Risks include regulatory changes, reserve auditing issues, smart contract vulnerabilities, and market liquidity conditions. Users should prefer transparent, well-audited, and widely adopted stablecoins.
The competition among blockchains for stablecoin dominance is intensifying. While Ethereum and Tron continue to lead, emerging chains like Solana, BSC, Aptos, and Sui are growing rapidly. New stablecoins and evolving regulations will further shape this dynamic landscape. The story of stablecoins is just beginning.