The Stablecoin Market Landscape is Reshuffling: The Battle Between Old and New Public Chains Intensifies

In 2025, stablecoins became one of the hottest areas in the cryptocurrency market, with a total market capitalization surpassing $245 billion. In this battle of stablecoins, various public chains are secretly competing for market share. Stablecoins are not only a barometer for asset liquidity but also an important indicator of the recognition of public chain markets. This article analyzes the stablecoin data of the top 12 public chains, attempting to outline a panoramic view of the development of public chain stablecoins.

Ethereum: USDC Growth Holds Half the Market

The market value of Ethereum's stablecoin reached $122.5 billion, accounting for 50% of the total issuance of stablecoins. Among them, USDT has the highest share, approximately 50%. However, from the perspective of USDT, the issuance on Ethereum is expected to decline in 2025. According to statistics, the total issuance of USDT on the Ethereum chain grew by 83.1% throughout 2024, but as of May 21, 2025, the issuance decreased by 5.07%. This directly led to Tron becoming the largest public chain for USDT issuance.

Ethereum is also the largest public chain for the issuance of USDC. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. It has grown by 46.4% in about six months. The significant growth of USDC has become the main support for Ethereum to maintain its dominance in the stablecoin market.

TRON: The Largest Issuance Chain for USDT, A Busy "Hub" for Dollars

More than 99% of Tron's stablecoin comes from USDT, which has now become the largest issuance public chain for USDT. Tron accounts for about 31.3% of the global stablecoin market share. Data shows that Tron's daily average trading volume of USDT is around 2.4 million transactions, while Ethereum is only 284,000.

In terms of trading volume, the Tron network processes an average of $20 billion in USDT transfers daily, accounting for nearly 29% of the global stablecoin trading volume. In terms of user activity, there are over 1 million unique accounts trading USDT on the Tron network daily, representing 28% of all active stablecoin wallet addresses on blockchains.

In terms of growth trend, the supply of USDT on Tron increased from 48.8 billion USD in 2024 to 77.7 billion USD. Low fees and high transaction speeds make it the preferred network for a large number of USDT transactions, especially favored by retail investors and emerging markets.

In addition, the cooperation between the founder of Tron and the Trump family provides more possibilities for the outlook of Tron's stablecoin. The WLFI project plans to issue the USD stablecoin USD1 on the Tron chain. Tron also plans to significantly reduce transaction fees, ultimately achieving free transfers, but the specific implementation timeline has not yet been determined.

Solana: The Acceleration Engine Under High TPS

As the hottest public chain in the past two years, the stablecoin on the Solana chain has also seen significant growth. From 1.8 billion dollars at the beginning of 2024, it surged to a peak of 13.1 billion dollars in May, an increase of 627%. In terms of both scale and growth rate, Solana has become an emerging force in the stablecoin sector that cannot be ignored.

Although Solana currently has a total stablecoin market cap of about 11.4 billion USD, which is still significantly lower than that of TRON and Ethereum, considering that its DEX trading volume has already surpassed Ethereum while the stablecoin issuance is far below that of Ethereum, it indicates that the application prevalence of stablecoins in the Solana ecosystem is still not very high.

From an internal structure perspective, USDC is the preferred stablecoin on Solana, accounting for 73% of the market share. USDT accounts for about 20%. PYUSD issued by PayPal has a market value of $200 million on the Solana chain, second only to Ethereum. Solana has become one of the preferred choices for many new types of stablecoins.

BSC: Zero Gas and Dual Drive of USD1

As of May 2025, BSC accounts for approximately 2.4% of the global stablecoin market share. The market capitalization of stablecoins on the BSC chain has grown from $4 billion in 2024 to about $10 billion currently, an increase of approximately 150%. There were two concentrated growth periods: the first was from November 2024 to January 2025, where it rose from around $5 billion to $7 billion; the second was from the end of April 2025 to May, where it quickly increased from $7 billion to $9 billion. Analysis shows that the first growth was mainly driven by the zero GAS fee activity launched on the BSC chain, while the second was propelled by the issuance of the USD1 stablecoin on the BSC chain.

Currently, the issuance proportion of USDT is about 59%, USD1 accounts for 21%, while the previously promoted BUSD and FUSD have decreased to a combined proportion of about 3%.

Data shows that as the popularity of the Binance wallet increases, the proportion of stablecoin DEX trading on the BSC chain has risen from less than 10% in April to 28%, nearly equal to that of centralized exchanges.

In addition, in May, BSC accounted for 38.1% of the total stablecoin transaction volume across all chains, ranking first. In terms of cumulative trading volume of USDT, BSC, with $358 billion, is second only to Tron and Ethereum. It can be said that in the stablecoin sector, BSC and Solana have become the most competitive new forces.

Base: The Growth Champion Empowered by Coinbase

Base, as the Ethereum L2 incubated by Coinbase, has seen significant growth in various data points during this cycle, and the stablecoin sector is no exception. The market value of stablecoins increased from $177 million in January 2024 to $4.09 billion, achieving a growth rate of 2210%, making it the largest increase among the top five public chains by stablecoin market value.

USDC is the most mainstream stablecoin on the Base chain, accounting for 97.8%. Base is also the public chain with the largest cumulative trading volume for USDC outside of Ethereum.

Hyperliquid: The New Vault for Derivatives Whales

As a new battleground for whale games, Hyperliquid, despite its short launch time, has shown tremendous potential. In less than half a year, its stablecoin market value reached $3.26 billion, surpassing established public chains like Arbitrum, Polygon, and Avalanche.

From the perspective of ecological applications, Hyperliquid, as a decentralized derivatives exchange, primarily uses USDC as the trading asset. Therefore, USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. It is worth noting that Hyperliquid has recently added new types of stablecoins, including feUSD, USDT, and USDe. Although the issuance and trading volume are currently not high, it has opened up some new ports for public chain ecological applications.

Arbitrum: A big plunge after the incentive discontinuation

As a highly关注 Ethereum L2, Arbitrum's stablecoin market value experienced significant fluctuations during this cycle. It increased from $2 billion to a peak of $6.9 billion throughout 2024. However, at the beginning of 2025, it suffered a sharp drop, quickly falling to $2.73 billion in January. On January 2nd alone, the outflow amount decreased by $2 billion.

This significant decline may be attributed to three reasons: first, the termination of the previous round of Incentives Detox on December 17, causing about 50 protocols to experience a one-time "disruption" in liquidity subsidies, with market-making funds concentrating their withdrawal after the rewards expired. Second, Tether announced that starting January 29, it will migrate USDT on Arbitrum to the new cross-chain standard "USDT0". Third, the high-yield competitive chain Blast deposit contract offers a 5% annualized return + Airdrop Points for USDC/USDT, continuously attracting L2 assets since its launch at the end of November.

Polygon: USDC Migration and Payment Testbed

Since 2024, the market value of Polygon stablecoin has risen from 1.26 billion to about 2.15 billion USD, an annual increase of nearly 70%. The key driving force comes from the launch of Circle's native USDC and pilots for fiat and stablecoin settlement by giants like Visa and Mastercard on PoS chains, bringing enterprise-level increments.

Currently, the stablecoin share on the Polygon chain is dominated by USDT and USDC, accounting for 40.79% and 47% of the market, respectively.

Avalanche: The reduction in fees failed to achieve explosive growth

Avalanche's growth has been relatively flat over the past year. While the overall stablecoin market cap increased by 79%, growth stagnated after May 2024, oscillating between 1 billion and 2 billion dollars. The Avalanche 9000 upgrade at the end of 2024 reduced C-Chain base fees by 96%, significantly lowering the cost of small stablecoin transfers and batch settlements. However, this positive effect did not sustain momentum; perhaps only an overall increase in ecosystem activity can truly drive the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of stablecoins on Aptos exceeded 1 billion USD for the first time in the first quarter of 2025, with an overall increase of 2408% as of May, making it one of the fastest-growing public chains. As a MOVE ecosystem public chain, Aptos and Sui are emerging competitors. The stablecoins on the Aptos chain are primarily composed of USDT and USDC, with USDT accounting for 62.39% and USDC for 32%. Given that the native USDC only launched on Aptos in January 2025, this growth progress has been rapid.

Sui: A High-Growth Chain with 230x Growth

The growth of Sui's stablecoin is the largest among all public chains. At the beginning of 2024, the market value of the network's stablecoin was only around 5 million USD, increasing to 1.156 billion USD by May 2025, a growth of 230 times. Currently, USDC is the most issued stablecoin on the Sui network, accounting for 75%.

However, the current scale of Sui ecosystem stablecoins is not very large, and the variety of issued types is also limited. Attracting more large funds to enter the market is the main growth issue faced by the Sui ecosystem. The Cetus theft incident that occurred on May 22 will also affect its security performance assessment to some extent, presenting both opportunities and concerns.

TON: Telegram's social support for growth is weak

As a new entrant to the battlefield in 2024, TON has achieved rapid growth within a year. In April 2024, Tether announced the simultaneous issuance of USDT and XAUT on the TON chain, becoming its 15th supported network, with the goal of bringing Telegram's 900 million users directly into the on-chain dollar payment ecosystem. After going live, wallets and various Telegram trading bots quickly integrated, allowing new users to receive and pay USDT with zero barriers using their phone numbers. This provides a foundation for the growth of stablecoins in the TON ecosystem. By June 2024, the issuance of USDT on TON reached 519 million dollars.

However, the growth of the TON ecosystem stablecoin has started to decline after a short-term surge, currently dropping from 1.4 billion dollars at the beginning of the year to around 900 million dollars. This may be related to the lack of significant hotspots in the TON ecosystem after the click mini-games.

Conclusion

Currently, the competitive landscape of public chain stablecoins is still changing rapidly. Although Ethereum, TRON, and other public chains still have significant first-mover advantages, the rise of popular public chains like Solana and BSC is gradually eating into the leading market share, along with new stablecoins like USD1 being issued beyond Ethereum. The MOVE ecosystem public chains Aptos and Sui, as newer public chains, have a shorter stablecoin minting time but show a significant advantage in growth rate.

It is foreseeable that competition among stablecoins will become more intense. For established public chains, there is dual pressure to maintain market share while continuing to grow. For new public chains, it is a period of rapid expansion amid the wild growth of the market. As stablecoin regulations gradually take shape around the world, the story of stablecoins is just beginning.