The stablecoin market is booming, and the competition among public chains is intensifying.

In 2025, stablecoins have become one of the most notable areas of the crypto market. As of May 22, the total market capitalization of stablecoins has surpassed 245 billion USD. Behind this growth is the fierce competition among major public chains. Stablecoins are not only an important indicator of asset liquidity but have also become a key criterion for assessing the recognition of public chain markets. This article conducts an in-depth analysis of the stablecoin data of the top 12 public chains, attempting to outline the overall development of public chain stablecoins.

Ethereum: USDC Growth Strengthens Its Position

Ethereum remains the leader in the stablecoin market, with a stablecoin market capitalization of $122.5 billion, accounting for 50% of the global stablecoin issuance. USDT has the highest proportion on Ethereum, at about 50%. However, entering 2025, the issuance of USDT on Ethereum has declined. Data shows that in 2024, the issuance of USDT on the Ethereum chain grew by 83.1%, but as of May 21, 2025, the issuance has decreased by 5.07%. This has directly led to Tron becoming the largest public chain for USDT issuance.

At the same time, Ethereum is also the main issuance platform for USDC. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82% of the total issuance. Since October 2024, the issuance of USDC on Ethereum has grown by 46.4%. It is precisely the significant growth of USDC that has allowed Ethereum to maintain a substantial share in the stablecoin market.

TRON: USDT Trading Hub

The stablecoin ecosystem of TRON is mainly dominated by USDT, accounting for over 99%, and has currently become the largest issuing public chain for USDT. TRON's market share in the global stablecoin market is approximately 31.3%. Data shows that the daily average trading volume of USDT on TRON reaches 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

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

In terms of growth trends, the supply of USDT on TRON increased from 48.8 billion USD in 2024 to 59.7 billion USD. In 2025, the total supply of USDT on TRON further rises to 77.7 billion USD. TRON's low fees and high transaction speed make it the preferred network for USDT transactions, especially favored by retail users and emerging markets.

In addition, the collaboration between the founder of TRON and the Trump family has brought new possibilities for the prospects of its stablecoin. In May, the co-founder of the WLFI project stated that its USD stablecoin, USD1, will be natively issued on the TRON blockchain. The founder of TRON also revealed in January this year that he hopes to significantly reduce transaction fees and ultimately achieve free transfers.

Solana: High-Performance Engine Accelerating Development

As one of the hottest public chains in the past two years, Solana has also achieved significant growth in the stablecoin sector. It increased from 1.8 billion dollars at the beginning of 2024 to a peak of 13.1 billion dollars in May, marking a growth rate of 627%. Although the total market capitalization of Solana's stablecoins is currently around 11.4 billion dollars, which still has a significant gap compared to Tron and Ethereum, its growth speed and potential cannot be ignored.

From an internal structure perspective, USDC is the dominant stablecoin on Solana, accounting for 73% of the market share. USDT has a share of about 20% on Solana. The PYUSD issued by PayPal currently has a market value of 200 million USD on the Solana chain, second only to Ethereum, accounting for about 24.36%. Solana has become one of the preferred choices for many new types of stablecoins.

BSC: Dual Drive of Zero Gas Fees and USD1

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

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

Recent data shows that as the popularity of the Binance wallet increases, the proportion of stablecoin DEX trading on the BSC chain has risen from less than 10% in April to 28%, nearly on par with centralized exchanges. Additionally, in May, BSC accounted for 38.1% of all chain transactions in stablecoins, ranking first. In terms of cumulative trading volume of USDT, BSC is second only to Tron and Ethereum with $358 billion.

Base: Coinbase helps rise quickly

Base, as an Ethereum L2 incubated by Coinbase, has achieved significant growth in various metrics during this cycle. In terms of stablecoin market capitalization, Base has 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 cap.

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: A New Frontier for Derivatives Trading

Hyperliquid, as an emerging derivatives trading platform, has shown great potential despite its short launch time. Within less than half a year, its stablecoin market cap reached $3.26 billion, surpassing established public chains like Arbitrum, Polygon, and Avalanche.

Hyperliquid primarily uses USDC as the trading asset, accounting for 97.8% of the volume. It is noteworthy that Hyperliquid has recently added stablecoins such as feUSD, USDT, and USDe, opening new possibilities for ecological applications.

Arbitrum: Fall Back After Incentive Termination

As a highly regarded 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, the market value sharply declined to 2.73 billion, with a single-day outflow of 2 billion on January 2.

This decline is mainly due to three reasons: first, the termination of the last round of Incentives Detox on December 17, which caused a one-time "disruption" of liquidity subsidies for about 50 protocols; second, Tether announced that it will migrate USDT on Arbitrum to the new cross-chain standard "USDT0" starting January 29; third, the high-yield competitor chain Blast promises 5% annualized + Airdrop Points for USDC/USDT, continuously attracting L2 assets.

Polygon: USDC Migration and Payment Experiment

From 2024 to the present, the market value of Polygon's stablecoin has risen from 1.26 billion to approximately 2.15 billion USD, an annual increase of nearly 70%. This growth primarily comes from the native USDC deployment by Circle, as well as trials of fiat and stablecoin settlements by giants like Visa and Mastercard on PoS chains, bringing incremental enterprise-level growth.

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

Avalanche: Lower Fees Fail to Bring Explosive Growth

Avalanche's growth has been relatively moderate over the past year. While the total market value of stablecoins has increased by 79%, growth has stagnated since May 2024, fluctuating between $1 billion and $2 billion. At the end of 2024, the Avalanche 9000 upgrade reduced the base fees of the C-Chain by 96%, but this positive effect did not continue to drive the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

The total market capitalization of stablecoins on Aptos will first exceed $1 billion in the first quarter of 2025, with an overall increase of 2408% since 2024, making it one of the fastest-growing public chains. The stablecoins on the Aptos chain are mainly composed of USDT and USDC, with USDT accounting for about 62.39% and USDC accounting for about 32%. Considering that the native USDC only started launching on Aptos in January 2025, this growth rate is already quite remarkable.

Sui: A Rising Star with 230x Growth

The growth of Sui's stablecoin is the most significant among all public chains. At the beginning of 2024, the market value of stablecoins on the Sui network was only around $5 million, which grew to $1.156 billion by May 2025, an astonishing increase of 230 times. Currently, USDC is the stablecoin with the highest issuance proportion on the Sui network, accounting for about 75%.

However, the volume and variety of stablecoins in the Sui ecosystem still have room for improvement. Attracting more large funds to enter is the main challenge faced by Sui. The theft incident of Cetus that occurred on May 22 also posed a new test to its security, presenting both opportunities and challenges.

TON: Slow Growth Supported by Social Engagement

As a new public chain joining in 2024, TON has also achieved certain growth within a year. In April 2024, Tether announced the simultaneous issuance of USDT and XAUT on the TON chain, becoming its 15th supported network, aiming to bring Telegram's 900 million users into the on-chain dollar payment ecosystem. After its launch, wallets and various Telegram trading bots were quickly integrated, allowing new users to use their phone numbers to send and receive USDT with zero threshold.

However, the growth of stablecoins in the TON ecosystem began to decline after a brief rise, dropping from 1.4 billion USD at the beginning of the year to around 900 million USD currently. This may be related to the lack of obvious hotspots in the TON ecosystem after the clicker games.

Conclusion

The competitive landscape of stablecoins on public chains is still rapidly changing. Although Ethereum, Tron, and other public chains maintain a first-mover advantage, popular public chains like Solana and BSC are gradually eating into the market share. The issuance of emerging stablecoins like USD1 is no longer limited to Ethereum. MOVE ecosystem public chains such as Aptos and Sui have a relatively short history of stablecoin minting, but their growth rate is significant.

In the future, the competition for stablecoins will become more intense. Established public chains face the dual pressure of maintaining their market share while continuing to grow, while new public chains are entering a period of rapid market expansion. As stablecoin legislation gradually takes effect around the world, the development story of stablecoins is just beginning.