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New Landscape of Public Chain Stablecoins: Ethereum's Dominance and the Rise of Emerging Chains
Changes in the Stablecoin Market Landscape: Intensifying Competition among Public Chains, Old and New Forces Compete
In 2025, stablecoins will become the focus of the cryptocurrency market, with a total market value surpassing $245 billion. Stablecoins are not only indicators of asset liquidity but also an important standard for measuring the recognition of public blockchain markets. This article analyzes the stablecoin data of 12 mainstream public blockchains, outlining the development panorama of public blockchain stablecoins.
Ethereum: USDC Growth Holds Half the Market Share
The market value of Ethereum stablecoins is $122.5 billion, accounting for 50% of the total. USDT remains the main player, but its issuance is expected to decline by 5.07% in 2025. USDC has grown by 46.4% in six months, becoming the key to Ethereum maintaining its advantage.
TRON: The Largest USDT Issuing Public Chain
The TRON stablecoin is 99% derived from USDT, making it the largest public chain for USDT issuance, accounting for 31.3% of the global share. With an average daily transaction of 2.4 million, it far exceeds Ethereum. By 2025, the supply of USDT is expected to reach $77.7 billion, showing significant growth. Low fees and high speed attract retail investors and emerging markets.
Solana: A Rapidly Growing New Force
The market value of Solana stablecoins increased by 627% to 11.4 billion USD over the year. USDC accounts for 73%, while USDT accounts for 20%. The new stablecoin PYUSD has a share of 24.36% upon issuance. Although its total amount is not as high as the leading ones, its growth rate is significant.
BSC: Zero Gas Fees and USD1 Driving Growth
BSC accounts for 2.4% of the global market share, with a market value increasing by 150% to $10 billion in one year. Zero Gas fees and the issuance of USD1 are the two main growth drivers. USDT accounts for 59%, while USD1 accounts for 21%. The proportion of DEX trading has rapidly increased to 28%.
Base: Coinbase Drives Rapid Growth
The market value of Base stablecoin increased by 2210% year-on-year to $4.09 billion, with a leading growth rate. USDC accounts for 97.8%, making it the second largest public chain by USDC trading volume.
Hyperliquid: The New Favorite in Derivatives Trading
The market value of stablecoins reached 3.26 billion USD within six months, surpassing several established public chains. USDC accounts for 97.8%, primarily serving derivatives trading.
Arbitrum: Significant Decline After Incentives End
In 2024, the market value of stablecoins reached a peak of 6.9 billion USD, but by early 2025, it dropped to 2.73 billion USD. The main reasons are the termination of incentives, USDT migration, and competition from Blast.
Polygon: Business Applications Drive Growth
The market value of stablecoins increased by 70% year-on-year to $2.15 billion. The launch of native USDC and pilot projects with payment giants are the driving forces behind this growth. USDT and USDC each account for around 40%.
Avalanche: Weak Growth
The market value of stablecoins increased by 79% year-on-year, but the growth rate has slowed down. The reduction in fees has not led to significant growth, and the overall activity level of the ecosystem needs to be improved.
Aptos: The Dark Horse of the Move Ecosystem
The market value of stablecoins increased by 2408% year-on-year, surpassing 1 billion USD for the first time. USDT accounts for 62.39%, while USDC accounts for 32%.
Sui: Amazing 230x Growth
The market value of stablecoins increased 230 times to $1.156 billion in a year. USDC accounts for 75%. It faces challenges in attracting large funds and security.
TON: Social Support Growth After Decline
The launch of USDT drove rapid growth in the early stages, but it fell back to 900 million dollars in 2025. The lack of new hotspots affects sustained growth.
Conclusion
The competitive landscape of public chain stablecoins is changing rapidly. Ethereum and TRON maintain their advantages, while emerging forces such as Solana and BSC are rising. As global stablecoin regulations gradually become clearer, competition will become even more intense. Established public chains face the pressure of maintaining their positions, while new public chains welcome rapid expansion opportunities. The story of the stablecoin market is just beginning.