2025 Stablecoin Market Overview: Public Chain Competition Intensifies, New Forces Rise

In 2025, stablecoins became the focus of the crypto market, with a total market value exceeding $245 billion. In this fierce competition among public chains, stablecoins are not only a barometer of asset flow but also a key indicator of the recognition of the public chain market. Let us take a look at the current development status of the top 12 public chain stablecoin ecosystems.

Ethereum: USDC Growth Supports Half of the Market

The market value of Ethereum's stablecoin has reached $122.5 billion, accounting for 50% of the global share. USDT remains its largest stablecoin, but its proportion has decreased to around 50%. It is worth noting that since the beginning of 2025, the issuance of USDT on Ethereum has decreased by 5.07%, making Tron the largest public chain for USDT issuance.

However, USDC has performed brilliantly on Ethereum. It has grown by 46.4% in six months, with a circulation of 36.9 billion coins, accounting for 60.82% of the total USDC supply. It is precisely USDC's strong growth that has helped Ethereum maintain its leading position in the stablecoin market.

TRON: The Emerging Dominator of the Dollar "Distribution Hub"

Tron has become the largest public chain for USDT issuance, with a stablecoin market share of 31.3%. The Tron network processes approximately 2.4 million USDT transactions daily, worth 20 billion USD, accounting for 29% of the global stablecoin transaction volume. In terms of active users, there are over 1 million unique accounts trading USDT daily.

In 2025, the supply of USDT on the Tron network increased from 59.7 billion USD to 77.7 billion USD. Its low fees and high efficiency attracted a large number of retail and emerging market users. Additionally, the collaboration between the founder of Tron and the Trump family has also brought new opportunities for the development of its stablecoin.

Solana: High-Performance Engine Accelerating Growth

The market capitalization of Solana stablecoins has grown by 627% in the past year and a half, reaching 11.4 billion USD. Although there is still a gap compared to Ethereum and Tron, its growth rate is remarkable. USDC is the dominant stablecoin on Solana, accounting for 73% of the market share. USDT accounts for about 20%.

It is worth mentioning that the PYUSD issued by PayPal has a market value of 200 million USD on Solana, accounting for 24.36% of its total issuance. Solana is becoming one of the preferred platforms for new stablecoins.

BSC: Zero Gas Fees and Dual Drive of USD1

BSC accounts for 2.4% of the global stablecoin market, with a market cap increasing from $4 billion in 2024 to $10 billion. Its growth is mainly attributed to the zero Gas fee activities and the issuance of USD1 stablecoin. Currently, USDT accounts for 59% of BSC stablecoins, while the emerging USD1 accounts for 21%.

BSC stands out in terms of the number of stablecoin transactions, accounting for 38.1% of all chains. Its cumulative trading volume of USDT is second only to Tron and Ethereum, reaching 358 billion USD. BSC and Solana have become the most promising new forces in the stablecoin sector.

Base: The Growth Champion Powered by Coinbase

Since January 2024, Base has seen a 2210% growth in stablecoin market capitalization, reaching $4.09 billion, making it the fastest-growing mainstream public chain. USDC is the dominant stablecoin on Base, accounting for 97.8%. Base also has the largest trading volume for USDC outside of Ethereum.

Hyperliquid: The New Favorite in Derivatives Trading

As an emerging derivatives trading platform, Hyperliquid has achieved a stablecoin market value of $3.26 billion in just six months, surpassing several established public chains. USDC is its main stablecoin, accounting for 97.8%. Recently, Hyperliquid has also started supporting new stablecoins like feUSD, USDT, and USDe, paving the way for ecological diversification.

Arbitrum: Adjustment Period After Incentive Termination

The market value of Arbitrum stablecoin has experienced significant fluctuations, increasing from $2 billion to $6.9 billion in 2024, but quickly dropping to $2.73 billion in early 2025. This is mainly influenced by the termination of incentive programs, the migration to new standards for USDT, and the competitive high-yield chain Blast.

Polygon: Enterprise-level applications drive growth

The market value of Polygon stablecoins increased by nearly 70% year-on-year, reaching $2.15 billion. The growth momentum comes from the implementation of Circle's native USDC, and the pilot fiat and stablecoin settlements by giants such as Visa and Mastercard on PoS chains. USDT and USDC account for 40.79% and 47% of its stablecoin market, respectively.

Avalanche: Fee Reduction Fails to Bring Explosive Growth

The market value of Avalanche stablecoin has increased by 79%, but the growth rate is relatively slow. Although the C-Chain upgrade at the end of 2024 significantly reduced fees, it has not been able to sustain the development of stablecoins, and an overall increase in ecosystem activity may be needed to achieve a breakthrough.

Aptos: The Dark Horse of the Move Ecosystem

The market value of Aptos stablecoin exceeded 1 billion USD in the first quarter of 2025, with an annual growth of 2408%. USDT and USDC accounted for 62.39% and 32%, respectively. Considering that the native USDC just launched in January 2025, this growth rate is remarkable.

Sui: The Rising Star with 230 Times Growth

The market value of Sui stablecoin has increased 230 times in one year, reaching 1.156 billion USD. USDC is the dominant stablecoin, accounting for 75%. Despite the astonishing growth rate, Sui still needs to attract more large funds while addressing the challenges posed by recent security incidents.

TON: Steady Development Supported by Social Engagement

TON saw rapid growth after supporting USDT in April 2024, but experienced a decline in 2025, with its market value dropping from $1.4 billion to around $900 million. This may be related to the lack of new hotspots in the TON ecosystem.

Conclusion

The competitive landscape of public chain stablecoins is rapidly changing. Although traditional giants like Ethereum and Tron still hold an advantage, emerging public chains such as Solana and BSC are rising quickly. Move ecosystem public chains like Aptos and Sui also show great potential. As global stablecoin regulations gradually become clearer, this competition has only just begun, and future developments are worth looking forward to.