2025 Stablecoin Market Landscape: A Comprehensive Analysis of 12 Public Chain Ecosystems

In 2025, stablecoins have become one of the most关注ed areas in the cryptocurrency market. As of May 22, the total market capitalization of stablecoins has surpassed $245 billion. Behind this rapid growth, there is a silent competition unfolding among various public chains. As the main form of asset accumulation, stablecoins not only reflect changes in capital flow but also serve as an important indicator of the recognition of public chain markets. The following is an in-depth analysis of the current top 12 public chain stablecoin ecosystems.

Ethereum: USDC Helps Maintain Leading Position

Ethereum’s stablecoin has a market capitalization of $122.5 billion, accounting for 50% of the global stablecoin issuance. On Ethereum, USDT is still the largest stablecoin, accounting for about 50%. It is worth noting that the issuance of USDT on the Ethereum chain will increase by 83.1% in 2024, but it will decrease by 5.07% after entering 2025, which has led to TRON becoming the largest public chain for USDT issuance.

On the other hand, Ethereum is also the main public blockchain for issuing USDC. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82% of the total USDC supply. From 25.2 billion dollars in October 2024 to now, the growth in six months has reached 46.4%. It is the significant growth of USDC that has helped Ethereum maintain half of the stablecoin market.

TRON: The New Role of the Dollar “Distribution Center”

Almost all of the stablecoins on the TRON network come from USDT, accounting for more than 99%, and it has become the largest public chain for USDT issuance. TRON has a global stablecoin market share of about 31.3%. According to the data, the average daily trading volume of USDT on TRON reached 2.4 million, much higher than Ethereum’s 284,000.

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

The growth trajectory shows that the USDT supply on TRON has grown from $48.8 billion in 2024 to $59.7 billion. In 2025, an additional 18 billion USDT will be issued on TRON, bringing the total supply to $77.7 billion. This is mainly due to TRON’s low fees and high transaction speeds, which are especially popular with retail users and emerging markets.

In addition, the collaboration between the founder of TRON and the Trump family has brought new possibilities for the future of its stablecoin. In May, a co-founder of the WLFI project stated that its issued USD stablecoin USD1 would be natively issued on the TRON blockchain. In January of this year, TRON revealed its hope to significantly reduce transaction fees, ultimately achieving free transfers; however, the subsequent progress of this plan has not yet been announced.

Solana: The Rapid Rise of an Emerging Force

As the most popular public chain in the past two years, Solana’s on-chain stablecoin has also shown explosive growth, from $1.8 billion at the beginning of 2024 to a maximum of $13.1 billion in May, an increase of 627%. Although there is still a gap compared to TRON and Ethereum, the potential for growth in the stablecoin space should not be underestimated, considering that Solana’s DEX trading volume has surpassed Ethereum.

From the perspective of internal structure, USDC is the dominant stablecoin on Solana, accounting for 73% of the market share, and USDT accounts for about 20%. It is worth noting that the PYUSD issued by PayPal has a market value of about $200 million on the Solana chain, second only to Ethereum, accounting for about 24.36%. Solana has become one of the preferred platforms for many new stablecoins.

! Inventory of 12 public chain stablecoin ecosystems: SUI has the fastest growth, and the issuance of USDT TRON exceeds that of Ethereum

BSC: Zero Gas Strategy and USD1 Boosting Growth

As of May 2025, BSC accounts for about 2.4% of the global stablecoin market share. The market capitalization of the stablecoin on the BSC chain has grown from $4 billion in 2024 to about $10 billion today, an increase of about 150%. There are two distinct growth phases: from $5 billion to $7 billion between November 2024 and January 2025, mainly due to zero-gas activity; The jump from $7 billion to $9 billion between the end of April and May 2025 was mainly driven by the issuance of the USD1 stablecoin on the BSC chain.

At present, on the BSC chain, USDT accounts for about 59% and USD1 accounts for about 21%, while the proportion of BUSD and FUSD, which were previously mainly promoted, has dropped to about 3% in total. The data shows that with the increase in the popularity of wallet applications, the proportion of stablecoin DEX transactions on the BSC chain has increased from less than 10% in April to 28%, which is almost the same as the proportion of centralized exchanges.

In May, BSC ranked first in terms of the number of stablecoin transactions accounted for 38.1% of all public chains. In terms of cumulative USDT trading volume, BSC is second only to TRON and Ethereum with $358 billion. It can be said that BSC and Solana have become the most competitive new forces in the stablecoin track.

Base: The fastest growing up-and-comer

As an Ethereum L2 solution, Base has seen significant growth in various data aspects. The market value of stablecoins increased 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 value. USDC is the most mainstream stablecoin on the Base chain, accounting for as much as 97.8%. Base has also become the public chain with the largest cumulative trading volume of USDC, aside from Ethereum.

! Inventory of 12 public chain stablecoin ecosystems: SUI has the fastest growth, and USDT TRON issuance surpasses Ethereum

Hyperliquid: The New Favorite in Derivatives Trading

As an emerging gaming platform for trading whales, Hyperliquid, despite its short launch time, has shown remarkable potential. In less than six months, its stablecoin market cap has 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, mainly uses USDC as the medium of exchange, and USDC accounts for 97.8%. Recently, the platform has also added support for stablecoins such as feUSD, USDT, and USDe, opening up new possibilities for ecological applications.

Arbitrum: Significant Pullback After Incentives End

As a highly watched Ethereum L2, Arbitrum’s stablecoin market cap has experienced significant ups and downs. It grew from $2 billion throughout 2024 to a peak of $6.9 billion, but by early 2025, it rapidly fell to $2.73 billion, with a single-day outflow of $2 billion on January 2.

The significant decline is mainly due to three reasons: first, the termination of the previous incentive program on December 17, 2023, which caused liquidity subsidies from about 50 protocols to “cut off” simultaneously; second, Tether announced the migration of USDT on Arbitrum to the new cross-chain standard “USDT0”; third, the competitor Blast is offering a 5% annual yield plus airdrop points on USDC/USDT, continuously attracting the transfer of L2 assets.

Polygon: A testing ground in the world of payments

So far in 2024, the market capitalization of Polygon stablecoins has increased from $1.26 billion to about $2.15 billion, an increase of nearly 70%. The main driving force comes from the landing of Circle’s native USDC and the pilot of fiat and stablecoin settlements by payment giants such as Visa and Mastercard on the PoS chain, which has brought enterprise-level incremental demand. Currently, Polygon on-chain stablecoins are dominated by USDT and USDC, accounting for 40.79% and 47%, respectively.

Avalanche: Growth potential yet to be unleashed

Avalanche’s stablecoin growth has been relatively stable in the past year, with an overall increase of 79%. Since May 2024, its stablecoin market cap has been fluctuating between $1 billion and $2 billion. Although the Avalanche 9000 upgrade at the end of 2024 will reduce the base fee of C-Chain by 96%, significantly reducing the cost of stablecoin transfer and batch settlement, this benefit has not continued to provide growth momentum, and it may require an increase in the overall activity of the ecosystem to drive the development of stablecoins.

! Inventory of 12 public chain stablecoin ecosystems: SUI is the fastest-growing, USDT TRON issuance surpasses Ethereum

Aptos: The dark horse of the Move ecosystem

The total market capitalization of stablecoins on Aptos exceeded $1 billion for the first time in the first quarter of 2025, with an increase of 2,408% from 2024 to date, making it one of the fastest-growing public chains. As a representative of the MOVE ecosystem, the Aptos on-chain stablecoins are mainly composed of USDT and USDC, accounting for 62.39% and 32% respectively. It’s worth noting that native USDC didn’t go live on Aptos until January 2025, and the growth rate since then has been impressive.

Sui: Frontrunner with an astonishing 230x growth

Sui has been the most impressive performer in terms of stablecoin growth, increasing from $5 million at the beginning of 2024 to $1.156 billion in May 2025, an astonishing 230-fold increase. At present, USDC is the main stablecoin of the Sui network, accounting for about 75%.

However, the total amount of Sui ecosystem stablecoins is still relatively small, and the variety is not rich enough. Attracting large funds to enter the market is the main challenge faced by Sui, and the Cetus theft incident on May 22 has also raised some doubts about its security, presenting both opportunities and challenges.

TON: Growth Fatigue After Social Empowerment

TON, a newcomer to the fray in 2024, has also seen considerable growth over the past year. In April 2024, Tether announced the simultaneous issuance of USDT and XAUT on the TON chain, becoming its 15th support network, with the goal of introducing 900 million Telegram users to the on-chain USD payment ecosystem. After the launch, various wallets and trading bots were quickly integrated, and users could easily receive and receive USDT through their mobile phone numbers. By June 2024, USDT issuance on TON reached $519 million.

However, the stablecoin within the TON ecosystem began to decline after a brief growth, dropping from $1.4 billion at the beginning of the year to about $900 million. This may be related to the lack of new growth points in the TON ecosystem after the initial surge of interest in casual games.

Future Outlook

At present, it seems that the competition pattern of public chain stablecoins is still changing rapidly. Although public chains such as Ethereum and TRON maintain a first-mover advantage, popular public chains such as Solana and BSC are gradually eating away at the top market share. The issuance of new stablecoins such as USD1 is no longer limited to Ethereum, while MOVE ecological public chains such as Aptos and Sui have shown obvious growth potential despite the relatively short minting time of stablecoins.

In the future, the competition for stablecoins will be more intense. For the old public chain, it is necessary to maintain the market share and continue to expand the scale; For the emerging public chain, it is facing an opportunity period of rapid expansion. With the gradual clarification of stablecoin regulations around the world, the development story of stablecoins has just begun.

! Inventory of 12 public chain stablecoin ecosystems: SUI has the fastest growth, and USDT TRON issuance exceeds Ethereum