2025 RECAP | Over Half of All Circulating USDT Stablecoin Supply in 2025 Issued on TRON Blockchain

Onchain analytics firm, Nansen, has revealed data showing that in 2025,

• Solana
• BNB Chain
• Base
• TRON and
• NEAR Protocol

topped the list of busiest blockchains as users gravitated toward networks offering high throughput and low fees.

By Nansen’s ranking,

• Solana led the pack with 23.01 billion transactions, followed by
• BNB Chain with 3.89 billion.
• Coinbase’s Ethereum layer-2 Base handled 3.29 billion, placing third, with
• TRON at 3.22 billion and
• NEAR at 1.89 billion in fifth.

Even though 2025 saw notable institutional adoption, retail-oriented use cases continued to dominate transaction volumes – especially on chains that combined low fees with high performance.

REPORT | Solana is the Leading Blockchain Ecosystem of 2024 So Far, Says CoinGecko

Solana’s DEX Boom and Memecoin Frenzy

Solana’s top ranking was driven by a surge in decentralized exchange activity that helped it claim the leading spot in DEX volumes early in 2025.

According to CoinGecko, Solana DEX trading accounted for about 40 % of industry market share by recording $293.7 billion in volume in Q1 2025. Part of this boom was tied to a memecoin craze around celebrity and political tokens, including $TRUMP – a Solana-based token launched in January 2025.

DefiLlama data shows Solana remained among the highest-volume chains throughout the year.

2025 RECAP | Solana Dominated All Major Blockchain Networks by Revenue in 2025

BNB Chain’s Activity

BNB Chain’s roughly 3.89 billion transactions coincided with momentum in its own memecoin ecosystem, contributing strongly to its placement in the rankings.

MILESTONE | BNB Chain Smashes Activity Records as Transactions Surge Over 150% in 30 Days

Base’s Rise

Base ranked third by transaction count in 2025, bolstered by direct access to Coinbase’s user base.

Research from Messari projected that Base’s protocol revenue increased approximately 30 times in 2025, capturing 62 % of total L2 revenue, with its ecosystem now spanning DEXs, AI-linked applications and prediction markets.

Shopify Launches Early Access to USDC Stablecoin Payments on Base

TRON Dominates Stablecoins

TRON’s 3.22 billion transactions reflected its central role in the stablecoin economy.

REPORT | B2B Transfers Dominate Stablecoin Transactions, TRON is the Preferred Blockchain

In June 2025, TRON DAO reported that over half of circulating USDT was issued on its blockchain, with its stablecoin supply growing roughly 40 % year-to-date and daily transfers reaching tens of billions.

NEAR Dominates Privacy Narrative

NEAR Protocol completed the top five with 1.89 billion transactions. NEAR also reported about 46 million users by May 2025, placing it alongside Solana and Tron in activity metrics.

A key part of NEAR’s story in 2025 was its contribution to privacy narratives through integration with Zcash via Electric Coin Company’s Zashi wallet using NEAR’s Intents system. This allowed onchain movement of ZEC’s shielded assets without centralized exchanges, pushing Zcash’s shielded supply to record highs and driving spikes in activity on NEAR Intents.

NORTH AFRICA | Tunisia’s Dar Blockchain Partners with NEAR to Expand the Developer Base in North Africa

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