Public Chain Stablecoin Ecosystem Overview: SUI is growing the fastest, TRON's USDT issuance surpasses Ethereum.

In 2025, stablecoins will become the focus of the crypto market, with a total market value exceeding 245 billion USD. Stablecoins are not only indicators of asset liquidity but also reflect the market recognition of public chains. This article analyzes the stablecoin data of 12 major public chains, outlining the overall development of stablecoins in public chains.

Ethereum: USDC Growth Supports Half of the Market

The market capitalization of Ethereum stablecoins is 122.5 billion USD, accounting for 50% of the total. USDT has the highest market share, around 50%. In 2025, the issuance of USDT decreased by 5.07%, with TRON becoming the largest issuance chain for USDT. USDC's issuance on Ethereum is 36.9 billion, accounting for 60.82%, with a growth of 46.4% over six months, becoming the main reason for Ethereum maintaining its market share.

TRON: The largest issuance chain for USDT, an active USD trading hub

TRON stablecoins account for 99% of USDT and have become the largest issuance chain for USDT, occupying 31.3% of the global market. Daily transactions reach 2.4 million, far exceeding Ethereum. Daily trading volume is 20 billion USD, accounting for 29% of the global total. There are 1 million active users, making up 28%. By 2025, the supply of USDT will increase from 59.7 billion to 77.7 billion USD. Low fees and high speed attract retail investors and emerging markets.

Solana: High TPS Drives Rapid Growth

Solana stablecoin grew by 627% in a year, reaching $13.1 billion. Although there is a significant gap with the top players, the potential is notable. USDC accounts for 73%, and USDT for 20%. PayPal's PYUSD ranks second in issuance on Solana, following Ethereum.

BSC: Zero Gas Fee and USD1 Dual Drive

BSC accounts for 2.4% of the global market, with a growth of 150% to 10 billion USD over the year. Zero Gas fees and USD1 issuance are the two main growth drivers. USD1 accounts for 21%, with 99.26% issued on BSC. USDT accounts for 59%. The percentage of DEX trading increased from 10% to 28%.

Base: Rapid Growth Supported by Coinbase

The market value of Base stablecoin increased by 2210% to 4.09 billion USD in one year. USDC accounts for 97.8%, making it the second largest public chain by USDC trading volume.

Hyperliquid: The Emerging Force in Derivatives Trading

In the past six months, the market value of stablecoins reached $3.26 billion, surpassing several established public chains. USDC accounted for 97.8%, primarily used for derivatives trading.

Arbitrum: Decline After Incentives End

Arbitrum stablecoin has experienced significant fluctuations, dropping from 6.9 billion to 2.73 billion USD. The main reasons are the termination of incentives, the migration of USDT, and competition from Blast.

Polygon: Business Applications Drive Growth

The market capitalization of Polygon stablecoin increased by 70% to $2.15 billion. The growth was driven by the native USDC of Circle and pilot projects from payment giants. USDT and USDC each accounted for 40.79% and 47% respectively.

Avalanche: Growth Slows

Avalanche stablecoin grew by 79%, but is leveling off. The reduction in fees has not led to significant growth.

Aptos: The Dark Horse of the Move Ecosystem

Aptos stablecoin grew by 2408%, surpassing 1 billion USD for the first time. USDT accounts for 62.39%, while USDC accounts for 32%.

Sui: Amazing 230x Growth

SUI stablecoin grew 230 times to $1.156 billion. USDC accounts for 75%. Facing challenges in attracting large funds and security.

TON: Growth Limited by Social Support

The TON stablecoin has fallen back to $900 million after experiencing growth. The lack of new hotspots has limited growth.

Conclusion

The competition landscape of public chain stablecoins is changing rapidly. Traditional strongholds are facing challenges from emerging public chains, and the MOVE ecological public chain is showing potential. As global stablecoin regulations gradually become clearer, competition will become even more intense.