2025 Stablecoin Market Overview: Analysis of 12 Mainstream Public Chain Ecosystems

In 2025, stablecoins have become one of the most关注的 areas in the cryptocurrency market. As of May 22, the total market value of stablecoins has exceeded $245 billion, demonstrating huge market potential. Behind this rapidly growing market, major public chains are secretly engaging in fierce competition. Stablecoins are not only an important indicator of asset liquidity but also a key factor in assessing the market recognition of public chains.

This article will conduct an in-depth analysis of the stablecoin data of the top 12 public chains to outline a panoramic view of the development of public chain stablecoins.

Ethereum: The Growth of USDC Becomes Key to Maintaining Market Share

The market value of Ethereum's stablecoins reached $122.5 billion, accounting for 50% of the total stablecoin issuance. USDT remains the most dominant stablecoin on Ethereum, making up about 50%. However, from the perspective of USDT, its issuance on the Ethereum chain began to decline at the start of 2025. Data shows that the issuance of USDT on the Ethereum chain increased by 83.1% throughout 2024, but as of May 21, 2025, the issuance of USDT on Ethereum decreased by 5.07%. This change directly led to Tron becoming the largest issuing public chain for USDT.

Apart from USDT, Ethereum is also the largest public blockchain for USDC issuance. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. Compared to 25.2 billion dollars in October 2024, it has grown by 46.4% in six months. The significant growth of USDC has become the main reason for Ethereum to maintain half of the stablecoin market.

TRON: Become the largest issuing public chain of USDT, an on-chain dollar "distribution hub"

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

In terms of trading volume, the TRON network processes an average of $20 billion in USDT transfers daily, accounting for nearly 29% of the total trading volume of all stablecoins globally. In terms of user activity, over 1 million unique accounts conduct USDT transactions on TRON every day, representing 28% of all active stablecoin wallet addresses on the blockchain.

In terms of growth trends, the USDT supply on TRON increased from $48.8 billion in 2024 to $59.7 billion. In 2025, an additional $18 billion of USDT will be issued on TRON, bringing the total supply to $77.7 billion. TRON's low fees and high transaction speeds make it the preferred network for a large number of USDT transactions, especially favored by retail users and emerging markets.

In addition, the collaboration between the founder of TRON and the Trump family has provided more possibilities for the prospects of its stablecoin. In May, a co-founder of the WLFI project stated that its issued USD stablecoin USD1 will be natively issued on the TRON blockchain. The founder of TRON has also revealed hopes to significantly reduce transaction fees and ultimately achieve free transfers, but the specific progress of the plan has not yet been announced.

Solana: The Acceleration Engine Under High TPS

As one of the most popular public chains in recent years, the stablecoins on the Solana chain have also seen significant growth. From $1.8 billion at the beginning of 2024, it surged to a peak of $13.1 billion in May, an increase of 627%. Although the total market capitalization is currently around $11.4 billion, which still presents a considerable gap compared to Tron and Ethereum, Solana has become an emerging force in the stablecoin sector that cannot be ignored.

It is worth noting that the DEX trading volume of Solana has surpassed that of Ethereum, but the issuance of stablecoins still has a huge gap compared to Ethereum, indicating that there is room for improvement in the adoption of stablecoins within the Solana ecosystem.

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. PYUSD issued by PayPal currently has a market value of 200 million USD on the Solana chain, second only to Ethereum, accounting for approximately 24.36%. Solana has become one of the preferred choices for several new types of stablecoins.

BSC: Dual Drivers of Zero Gas Fees and USD 1

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 in 2024 to about $10 billion now, an increase of approximately 150%. There were two significant growth periods: the first was from November 2024 to January 2025, where it grew from $5 billion to $7 billion; the second was from the end of April 2025 to May, where it rapidly increased from $7 billion to $9 billion. The first growth may primarily stem from the zero Gas fee initiative launched on the BSC chain, while the second was driven by the issuance of the USD1 stablecoin on the BSC chain.

Currently, 99.26% of the USD1 issuance is on the BSC chain, with a total issuance of approximately 2.1 billion USD. The proportion of BUSD and FUSD, which were previously promoted by BSC, has decreased to a combined 3%. The issuance ratio of USDT is about 59%, while USD1 accounts for about 21%.

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 matching that of centralized exchanges. Additionally, in May, BSC accounted for 38.1% of the total number of stablecoin transactions across all chains, ranking first. In terms of cumulative USDT trading volume, BSC at $358 billion is only behind Tron and Ethereum. BSC and Solana have become the most competitive new forces in the stablecoin sector.

Base: The Growth Champion Empowered by Coinbase

Base, as an Ethereum L2 incubated by Coinbase, has seen significant growth in various data points during this cycle. In terms of stablecoin market capitalization, Base has grown from $177 million in January 2024 to $4.09 billion, an increase of 2210%, making it the largest growth 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 largest cumulative trading volume for USDC, aside from Ethereum.

Hyperliquid: The New Vault for Derivatives Whales

As an emerging gaming platform, Hyperliquid has shown great potential despite its short launch time. In less than six months, its stablecoin market value reached $3.26 billion, surpassing established public chains like Arbitrum, Polygon, and Avalanche.

Hyperliquid, as a decentralized derivatives exchange, primarily uses USDC as its trading asset. USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. Notably, Hyperliquid has recently added feUSD, USDT, and USDe to its stablecoin offerings, opening up new possibilities for public chain ecosystem applications.

Arbitrum: Experienced Significant Adjustments After Incentives Ended

As a highly关注ed 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, there was a sharp decline, with January seeing a rapid drop to $2.73 billion, and on January 2nd, the single-day outflow decreased by $2 billion.

This significant decline may stem from three reasons: First, the end of the previous round of Incentives Detox on December 17, 2024, which caused a one-time "disruption" of liquidity subsidies for about 50 protocols, leading to a concentrated withdrawal of market-making funds after the rewards expired; second, Tether announced that starting January 29, it will migrate USDT on Arbitrum to the new cross-chain standard "USDT0"; third, the high-yield competitive chain Blast deposit contract promises 5% annualized returns + Airdrop Points for USDC/USDT, continuously absorbing L2 assets since its launch at the end of November.

Polygon: USDC Migration and Payment Testbed

Since 2024, the market capitalization of Polygon stablecoin has risen from 1.26 billion to approximately 2.15 billion USD, an annual increase of nearly 70%. The key driver comes from the native USDC launch by Circle and the trials of fiat and stablecoin settlements by giants like Visa and Mastercard on PoS chains, bringing enterprise-level increments.

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

Avalanche: Reduced fees failed to achieve explosive growth

Avalanche's growth has been relatively moderate over the past year. While the overall market cap 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 on the C-Chain by 96%, significantly lowering the costs of small stablecoin transfers and batch settlements. However, this positive impact did not provide sustained momentum, and an overall increase in ecosystem activity may be needed to truly drive the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of stablecoins on Aptos surpassed $1 billion for the first time in the first quarter of 2025. Based on the growth since 2024, the overall increase reached 2408% as of May, making it one of the fastest-growing public chains. As a public chain of the MOVE ecosystem, Aptos and Sui both belong to the emerging competitors. 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 operating on Aptos in January 2025, this growth progress has been quite rapid.

Sui: The High-Growth Chain with 230x Growth

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

However, the current volume of stablecoins in the Sui ecosystem is not very high, and the variety of issuances is also limited. Attracting more large funds to enter is the main growth challenge faced by the Sui ecosystem. In addition, the Cetus theft incident that occurred on May 22 has also raised concerns about its security to some extent, presenting both opportunities and challenges.

TON: Telegram's social support for growth is weak.

As a newcomer entering the battlefield in 2024, TON has also achieved rapid growth within a year. In April 2024, Tether announced the synchronized issuance of USDT and XAUT on the TON chain, becoming its 15th supported network, aiming to directly bring Telegram's 900 million users into the on-chain dollar payment ecosystem. After going live, wallets and various Telegram trading bots quickly integrated, allowing new users to receive and pay USDT using their phone numbers with zero barriers. This laid the foundation for the growth of stablecoins in the TON ecosystem. By June 2024, the issuance of USDT on TON had reached 519 million dollars.

However, the growth of stablecoins in the TON ecosystem has started to decline after a brief surge, currently dropping from $1.4 billion at the beginning of the year to around $900 million. This may be related to the lack of significant hotspots in the TON ecosystem after the clicker games.

Conclusion

Currently, the competitive landscape for stablecoins on public chains is still rapidly changing. Although Ethereum, TRON, and other public chains still have a significant first-mover advantage, the rise of several popular public chains like Solana and BSC is gradually eroding the market share of the leading players. The issuance of new stablecoins such as USD1 is no longer limited to Ethereum. MOVE ecosystem public chains like Aptos and Sui, as newer competitors, have a shorter history of stablecoin minting, but they show a clear advantage in growth rate.

It is foreseeable that the competition for stablecoins will become more intense. Established public chains face dual pressure to maintain their market position while continuing to grow. For new public chains, they are entering a period of rapid expansion in a market characterized by fierce growth. With stablecoin regulations gradually being implemented around the world, the development story of stablecoins is just beginning.

![12 public chains stable