Stablecoin Ecosystem Overview: Analysis of the Development Status of Stablecoins on 12 Public Chains

In 2025, stablecoins have become one of the most prominent areas in the cryptocurrency market. As of May 22, the total market capitalization of stablecoins surpassed 245 billion USD. Behind this rapid growth, various public chains are engaged in fierce competition. Stablecoins are not only an important indicator of asset liquidity but also reflect the market recognition of public chains. This article will analyze the stablecoin data of the top 12 public chains, outlining the overall picture of the development of stablecoins in public chains.

Ethereum: USDC Growth Boosts Market Share

The market capitalization of Ethereum’s stablecoins has reached $122.5 billion, accounting for 50% of the total issuance of all stablecoins. Among them, USDT has the highest proportion, approximately 50%. However, since 2025, the issuance of USDT on the Ethereum chain has decreased by 5.07%, making a certain well-known public chain the largest issuer of USDT.

At the same time, the issuance of USDC on Ethereum has significantly increased. 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 six months, becoming a key factor in Ethereum’s ability to maintain its position in the stablecoin market.

A Well-Known Public Chain: USDT’s Largest Issuance Chain, the “Distribution Hub” for US Dollars

The stablecoin of a well-known public blockchain mainly comes from USDT, accounting for over 99%, and has now become the largest issuing public chain of USDT. This chain has a total market share of about 31.3% in the global stablecoin market. Its daily average trading volume of USDT reaches around 2.4 million transactions, far exceeding Ethereum’s 284,000 transactions.

In terms of trading volume, the chain network processes an average daily value of 20 billion USD in USDT transfers, accounting for nearly 29% of the global stablecoin trading volume. In terms of user activity, over 1 million unique accounts engage in USDT trading daily, representing 28% of all active stablecoin wallet addresses on the blockchain.

In terms of growth trends, the supply of USDT on this chain increased from 48.8 billion USD in 2024 to 59.7 billion USD. In 2025, an additional 18 billion USD will be issued, bringing the total supply to 77.7 billion USD. 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 chain’s founder and the Trump family provides more possibilities for the stablecoin’s prospects. It is worth noting that the USD stablecoin USD1 issued by the Trump family’s project WLFI will also be natively issued on this chain.

Solana: The Acceleration Engine Under High TPS

As the most popular public blockchain in recent years, the stablecoin on the Solana chain has also seen significant growth. From $1.8 billion at the beginning of 2024, it surged to a peak of $13.1 billion in May, an increase of 627%. Although the current total market value is approximately $11.4 billion, which is still a considerable gap compared to a well-known public blockchain and Ethereum, the fact that its DEX trading volume has exceeded that of Ethereum indicates that Solana’s potential in the stablecoin sector should not be overlooked.

USDC is the preferred stablecoin on Solana, holding a 73% market share. USDT accounts for about 20%. PYUSD issued by PayPal currently has a market value of 200 million USD on the Solana chain, second only to Ethereum, with a market share of approximately 24.36%. Solana has become one of the top choices for many new stablecoins.

BSC: Dual Drive of Zero Gas Fee and USD1

As of May 2025, BSC accounts for about 2.4% of the global stablecoin market share. The market value of stablecoins on the BSC chain has grown from 4 billion USD in 2024 to approximately 10 billion USD currently, an increase of about 150%. There were two concentrated growth periods: the first was from November 2024 to January 2025, increasing from around 5 billion USD to 7 billion USD; the second was from the end of April 2025 to May, rapidly rising from 7 billion USD to 9 billion USD. The first increase may have primarily resulted from the zero Gas fee promotion launched on the BSC chain, while the second was driven by the issuance of USD1 stablecoin on the BSC chain.

Currently, the issuance ratio of USDT is about 59%, while USD1 accounts for about 21%. The share of BUSD and FUSD, which BSC previously promoted, has decreased to a combined approximately 3%.

With the recent rise in popularity of a certain wallet, the proportion of stablecoin DEX trading on the BSC chain has increased from less than 10% in April to 28%, nearly matching that of centralized exchanges. In addition, in May, BSC accounted for 38.1% of the total number of stablecoin transactions across all chains, ranking first. In terms of cumulative trading volume of USDT, BSC, with $358 billion, is only lower than a certain well-known public chain and Ethereum.

Base: The Growth Champion Empowered by a Certain Exchange

Base, as a well-known exchange incubated Ethereum L2, has achieved significant growth in various data aspects during this cycle. In terms of stablecoin market capitalization, Base has grown from $177 million in January 2024 to $4.09 billion, with a growth rate of 2210%, making it the largest increase among the top five public chains by stablecoin market capitalization.

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

Hyperliquid: The New Vault for Derivatives Whales

As a new battleground for whales, Hyperliquid has shown immense potential despite its short launch time. In less than half a year, its stablecoin market capitalization has reached 3.26 billion USD, surpassing established public chains such as Arbitrum, Polygon, and Avalanche.

Hyperliquid, as a decentralized derivatives exchange, primarily uses USDC as its trading asset. USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. Notably, Hyperliquid has recently added feUSD, USDT, and USDe to its stablecoin offerings, opening up new possibilities for applications in the public chain ecosystem.

Arbitrum: Incentive Suspension Leads to a Plunge

As a highly关注ed Ethereum L2, Arbitrum’s stablecoin market value has experienced significant fluctuations during this cycle. Throughout 2024, Arbitrum’s stablecoin market value grew from $2 billion to a peak of $6.9 billion. However, at the beginning of 2025, its stablecoin market value experienced a sharp drop, quickly falling to $2.73 billion in January. On January 2nd, the daily outflow decreased by $2 billion.

This significant decline may primarily stem from three reasons: First, on December 17, the previous round of Incentives Detox incentives ended, resulting in a one-time “cut off” of liquidity subsidies for about 50 protocols, with market-making funds concentrating their withdrawal after the rewards expired. Second, a stablecoin issuer announced the migration of a certain stablecoin on Arbitrum to the new cross-chain standard starting January 29. Third, the high-yield competing chain Blast’s deposit contract promises 5% annualized returns + Airdrop Points for USDC/USDT, continuously attracting L2 assets since its launch at the end of November.

Polygon: USDC Migration and Payment Testbed

From 2024 to the present, the market value of Polygon stablecoin has increased from 1.26 billion to approximately 2.15 billion USD, with an annual growth of nearly 70%. The key driving force comes from the native implementation of a certain stablecoin and the pilot programs of some payment giants for fiat and stablecoin settlements on the PoS chain, bringing in enterprise-level increments.

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

Avalanche: The reduction in fees has not resulted in explosive growth

Avalanche’s growth has been somewhat subdued over the past year. Although the overall market value of stablecoins has increased by 79%, it has stagnated since May 2024, oscillating between 1 billion and 2 billion USD. At the end of 2024, the Avalanche 9000 upgrade reduced the base fees on the C-Chain by 96%, significantly lowering the costs of small stablecoin transfers and batch settlements. However, this positive news did not continue to provide momentum for Avalanche; the overall increase in ecosystem activity may be the key to driving the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of stablecoins on Aptos will first exceed $1 billion in the first quarter of 2025, with an increase of 2408% since 2024, making it one of the fastest-growing public chains. As a public chain of the MOVE ecosystem, Aptos and Sui are emerging competitors. The stablecoins on the Aptos chain are mainly composed of USDT and USDC, with USDT accounting for about 62.39% and USDC for about 32%. Considering that native USDC only started trading on Aptos in January 2025, this growth progress is already quite rapid.

Sui: The 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 stablecoins on the Sui network was only around 5 million USD, and by May 2025, this figure increased to 1.156 billion USD, an astonishing growth of 230 times. Currently, USDC is the most widely issued stablecoin on the Sui network, accounting for about 75%.

However, the current market size of stablecoins in the Sui ecosystem is still not very high, and the types issued are relatively few. How to attract more large funds to enter is the main growth issue faced by the Sui ecosystem. In addition, an event that occurred on May 22 may also have a certain impact on its security, presenting both opportunities and concerns.

TON: Weak Growth Supported by Social Factors

As a newcomer to the battlefield in 2024, TON has achieved rapid growth in just one year. In April 2024, a stablecoin issuer announced the simultaneous issuance of USDT and XAUT on the TON chain, becoming its 15th supported network, with the goal of directly bringing 900 million users from a certain social platform into the on-chain US dollar payment ecosystem. After launching, wallets and various trading bots quickly integrated, allowing new users to receive and pay USDT with their mobile phone at no threshold. This laid the foundation for the growth of stablecoins in the TON ecosystem. By June 2024, the issuance of USDT on TON had reached 519 million dollars.

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

Conclusion

Currently, the competition landscape for stablecoins on public chains is still rapidly changing. Although public chains like Ethereum still have a significant first-mover advantage, the rise of several popular public chains such as Solana and BSC is gradually eating into the market share of the leading players. The issuance of new stablecoins is no longer limited to Ethereum, and while the minting time for stablecoins on MOVE ecosystem public chains like Aptos and Sui is relatively short, they have a clear advantage in growth rate.

It is foreseeable that the competition for 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, they are entering a rapid expansion period of wild growth in the market. As stablecoin legislation gradually takes shape around the world, the story of stablecoins is just beginning.