The Stablecoin Market Landscape Reshuffles: Emerging Public Chains Rise, Established Platforms Face Challenges

In 2025, stablecoins have become one of the most prominent areas in the cryptocurrency market, with a total market value exceeding 245 billion USD. Behind this rapid growth, competition among public chains is becoming increasingly fierce. As the main form of asset accumulation, stablecoins are not only an important indicator of capital flow but also a key standard for evaluating 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: The Growth of USDC Becomes Key to Defending Market Share

Ethereum is currently still the main platform for stablecoins, with a market capitalization of 122.5 billion USD, accounting for 50% of all stablecoin issuance. Among them, USDT has the highest share, approximately 50%. However, from the perspective of USDT, the issuance on Ethereum is expected to decline after 2025. According to statistics, the issuance of USDT on the Ethereum chain grew by 83.1% in 2024, but as of May 21, 2025, it had decreased by 5.07%. This directly led to TRON becoming the largest public chain for USDT issuance.

At the same time, USDC has shown impressive performance on Ethereum. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. Compared to 25.2 billion USD in October 2024, it has grown by 46.4% within six months. The substantial growth of USDC has become a major support for Ethereum to maintain its dominance in the stablecoin market.

TRON: The largest issuance platform for USDT, the global "hub" for US dollars

The stablecoin of Tron mainly comes from USDT, accounting for over 99%, and has currently become the largest issuing public chain for USDT. Tron holds approximately 31.3% of the total market share in the global stablecoin market. Data shows that the daily average transaction volume of Tron’s USDT is around 2.4 million transactions, far exceeding Ethereum’s 284,000 transactions.

In terms of trading volume, the TRON network processes approximately $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 TRON every day, representing 28% of all active stablecoin wallet addresses on the blockchain.

In terms of growth trends, the supply of USDT on the Tron network increased from 48.8 billion USD in 2024 to 77.7 billion USD in 2025. Its low fees and high transaction speeds make it the preferred network for USDT transactions, particularly favored by retail users and emerging markets.

In addition, the collaboration between the founder of Tron and the Trump family has brought new possibilities for the development of its stablecoin. The Trump family project WLFI plans to issue the USD stablecoin USD1 on the Tron blockchain. Tron is also exploring the possibility of further reducing transaction fees, and even achieving free transfers.

Solana: High-Performance Engine Fuels Rapid Growth

As one of the hottest public chains in recent years, Solana has also achieved significant growth in the stablecoin sector. From 1.8 billion USD at the beginning of 2024, it rose to a peak of 13.1 billion USD in May, an increase of 627%. Although there is still a gap compared to Ethereum and TRON, Solana has become an emerging force in the stablecoin sector that cannot be ignored.

From an internal structure perspective, USDC is the dominant stablecoin on Solana, accounting for 73% of the market share. USDT accounts for about 20%. Notably, PYUSD issued by PayPal has a market value of 200 million USD on the Solana chain, second only to Ethereum, accounting for about 24.36%. Solana is becoming one of the preferred platforms for many new types of stablecoins.

BSC: Zero Gas Fee and Dual Drive of USD1

As of May 2025, BSC accounts for approximately 2.4% of the global stablecoin market share. The market value of stablecoins on the BSC chain has increased from 4 billion USD in 2024 to approximately 10 billion USD now, a growth of about 150%. This growth primarily comes from two concentrated surges: from November 2024 to January 2025, it increased from 5 billion USD to 7 billion USD; from the end of April 2025 to May, it rapidly rose from 7 billion USD to 9 billion USD.

The first growth mainly came from the zero Gas fee activity launched on the BSC chain, while the second was driven by the issuance of the USD1 stablecoin on the BSC chain. Currently, 99.26% of the USD1 issuance is on the BSC chain, with a total issuance of approximately 2.1 billion USD. The issuance of USDT accounts for about 59%, while USD1 accounts for about 21%. The proportions of BUSD and FUSD, which were previously promoted by BSC, have dropped to a total of about 3%.

Recently, with the increase in the proportion of stablecoin DEX trading on the BSC chain, its share is now nearly on par with centralized exchanges. In terms of cumulative trading volume of USDT, BSC ranks third with $358 billion, only behind Tron and Ethereum. It can be said that in the stablecoin arena, BSC has become one of the most competitive new forces.

Base: The Growth Champion Backed by Coinbase

Base, as an Ethereum L2 incubated by Coinbase, has achieved remarkable growth in stablecoin market capitalization, increasing from $177 million in January 2024 to $4.09 billion, a growth rate of 2210%, making it the largest increase among the top five public chains by stablecoin market cap.

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

Hyperliquid: A New Hotspot for Derivatives Trading

As an emerging derivatives trading platform, Hyperliquid has demonstrated great potential in a short period of time. In less than six months, its stablecoin market capitalization reached $3.26 billion, surpassing some established public chains.

USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. Recently, Hyperliquid has also been expanding the types of stablecoins, adding feUSD, USDT, USDe, etc., opening up new fields for the applications of public chain ecosystems.

Arbitrum: Changes in Incentive Policies Cause Volatility

As a highly regarded Ethereum L2, Arbitrum's stablecoin market cap has experienced significant fluctuations. In 2024, Arbitrum's stablecoin market cap grew from $2 billion to a peak of $6.9 billion. However, at the beginning of 2025, the market cap quickly dropped to $2.73 billion, with a single-day outflow of $2 billion on January 2.

The major reasons for this significant volatility are threefold: first, the termination of the incentive program led to the withdrawal of market-making funds; second, Tether announced the migration of USDT on Arbitrum to a new standard; third, the high yields of the competing chain Blast attracted some funds to flow out.

Polygon: USDC Migration and Payment Innovation

As of 2024, the market value of Polygon's stablecoin has risen from 1.26 billion to approximately 2.15 billion USD, an annual increase of nearly 70%. This is mainly attributed to the launch of Circle's native USDC, as well as the trials of fiat and stablecoin settlements by giants such as Visa and Mastercard on PoS chains, which have brought enterprise-level increments.

Currently, stablecoins on the Polygon chain are mainly dominated by USDT and USDC, which account for 40.79% and 47% of the market share, respectively.

Avalanche: Reduced Fees Fail to Bring Explosive Growth

Avalanche's growth over the past year has been relatively steady, with the stablecoin market cap increasing by 79%. However, since May 2024, growth has stagnated, fluctuating between 1 billion and 2 billion dollars. Despite the upgrade at the end of 2024 significantly reducing base fees, this positive effect has not sustained momentum, and a boost in overall ecosystem activity may be necessary to truly drive the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of stablecoins on Aptos surpassed $1 billion for the first time in the first quarter of 2025, with an overall increase of 2408% since 2024, making it one of the fastest-growing public chains. As a representative of the MOVE ecosystem, stablecoins on the Aptos chain are primarily composed of USDT(, which accounts for 62.39%), and USDC(, which accounts for 32%). Considering that native USDC only began operating on Aptos in January 2025, this growth rate is already quite remarkable.

Sui: 230x Growth Leading Emerging Public Chains

The growth of Sui's stablecoin is the most astonishing, increasing from 5 million USD at the beginning of 2024 to 1.156 billion USD by May 2025, a growth rate of 230 times. Currently, USDC is the most widely issued stablecoin on the Sui network, accounting for about 75%.

Although the volume and variety of stablecoins in the Sui ecosystem are still not very large, their growth potential is huge. Attracting more large funds to enter the market is the main challenge faced by Sui, while recent security incidents have also brought certain concerns to its development.

TON: Steady Development Supported by Social Engagement

As a newcomer to the competition in 2024, TON has achieved rapid growth in just one year. Tether issues USDT on the TON chain, providing its 900 million Telegram users with an on-chain dollar payment ecosystem. However, the growth of stablecoins in the TON ecosystem began to decline after a brief surge, dropping from 1.4 billion dollars at the beginning of the year to around 900 million dollars, which may be related to the lack of new application hotspots.

Conclusion

The competitive landscape of stablecoins on public chains is rapidly changing. Although Ethereum, Tron, and other public chains still maintain a leading advantage, emerging public chains like Solana and BSC are gradually eating into market share. The issuance of new stablecoins such as USD1 is no longer limited to a single platform. MOVE ecosystem public chains like Aptos and Sui, although starting later, are experiencing significant growth.

In the future, competition among stablecoins will become more intense. Established public chains face the dual pressure of maintaining market share while continuing to grow, while new public chains are entering a rapid expansion phase. With the gradual improvement of stablecoin regulations around the world, the development in the stablecoin sector has just begun, and there are more possibilities to be explored in the future.