Changes in the Stablecoin Market Landscape: Analysis of 12 Public Chain Ecosystems

In 2025, stablecoins will become the focus of the crypto market, with a total market value surpassing 245 billion USD. As one of the main forms of asset accumulation, stablecoins are not only indicators of asset flow changes but also reflect the market recognition of public chains. This article analyzes the stablecoin data of the top 12 public chains, attempting to outline a comprehensive view of the development of stablecoins in public chains.

Ethereum: USDC Growth Holds Half of the Market

The market capitalization of Ethereum's stablecoin is $122.5 billion, accounting for 50% of all stablecoin issuance. USDT has the highest share, at about 50%. However, since 2025, the issuance of USDT on Ethereum has decreased by 5.07%, making TRON the largest public chain for USDT issuance.

The issuance of USDC on Ethereum has reached 36.9 billion coins, accounting for 60.82%. It has grown by 46.4% in six months, becoming the main reason for Ethereum's dominance in the stablecoin market.

TRON: The Public Chain with the Largest Issuance of USDT

The stablecoin of TRON mainly comes from USDT, accounting for over 99%, making it the largest public chain for USDT issuance. TRON's share in the global stablecoin market is about 31.3%. The daily average trading volume of USDT reaches 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

The TRON network processes approximately $20 billion in USDT transfers daily, accounting for nearly 29% of the global stablecoin trading volume. Over 1 million unique accounts engage in USDT transactions daily, representing 28% of all active stablecoin wallet addresses on the blockchain.

In 2025, the total supply of USDT on the Tron network reached 77.7 billion USD. Low fees and high transaction speeds make it the preferred choice for USDT trading, particularly favored by retail investors and emerging markets.

Solana: An Acceleration Engine with High TPS

The Solana stablecoin increased from 1.8 billion dollars at the beginning of 2024 to a peak of 13.1 billion dollars in May, an increase of 627%. The current total market value is approximately 11.4 billion dollars, still lagging behind Tron and Ethereum.

USDC is the preferred stablecoin on Solana, accounting for 73% of the market share. USDT accounts for about 20%. PYUSD issued by PayPal has a market value of 200 million USD on Solana, accounting for 24.36%. Solana has become one of the preferred options for new stablecoins.

BSC: Zero Gas and Dual Drive of USD1

BSC accounts for 2.4% of the global stablecoin market share. The market value of stablecoins is expected to increase from $4 billion in 2024 to approximately $10 billion, a growth of 150%. The growth is primarily driven by zero GAS fee activities and the issuance of USD1 stablecoins.

USD1 has an issuance of approximately 2.1 billion USD on BSC. USDT accounts for 59%, while USD1 accounts for 21%. The trading volume of stablecoin DEX on the BSC chain has increased from less than 10% in April to 28%. In terms of cumulative trading volume of USDT, BSC is only lower than Tron and Ethereum.

Base: The Growth Champion Empowered by Coinbase

The market value of Base's stablecoin increased from $177 million to $4.09 billion in January 2024, a growth rate of 2210%. USDC is the most mainstream stablecoin on Base, accounting for 97.8%. Base is the public chain with the largest cumulative trading volume for USDC outside of Ethereum.

Hyperliquid: The New Vault for Derivatives Whales

Hyperliquid was launched for less than half a year, and its stablecoin market value has reached $3.26 billion, surpassing several established public chains. USDC accounts for 97.8%. Recently, new stablecoin types such as feUSD, USDT, and USDe have been added.

Arbitrum: Incentives Cut Results in Major Drop

The market value of Arbitrum stablecoin has experienced significant fluctuations, increasing from 2 billion USD in 2024 to a peak of 6.9 billion USD, then rapidly dropping to 2.73 billion USD in early 2025. The main reasons include the termination of incentives, USDT migration, and high-yield competition.

Polygon: USDC Migration and Payment Testbed

The market value of Polygon stablecoin has risen from 1.26 billion to about 2.15 billion USD, an annual increase of nearly 70%. USDT and USDC account for 40.79% and 47% of the market share, respectively. The growth is attributed to the deployment of Circle's native USDC and pilot programs by payment giants.

Avalanche: Lower Fees Fail to Bring Explosive Growth

Avalanche stablecoin market value increased by 79%, but growth has stagnated. The C-Chain upgrade at the end of 2024 reduces base fees by 96%, but fails to provide sustained momentum.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of Aptos stablecoin surpassed $1 billion in the first quarter of 2025, with an increase of 2408%. USDT accounts for 62.39%, while USDC accounts for 32%. The native USDC grew rapidly after its launch in January 2025.

Sui: A High-Growth Chain with 230x Growth

The market value of Sui stablecoin has increased from 5 million USD to 1.156 billion USD, a growth of 230 times. USDC accounts for about 75%. However, there are fewer varieties issued, facing the challenge of attracting large capital to enter.

TON: Telegram's Social Support for Growth is Weak

TON will support the issuance of USDT from April 2024, reaching 519 million USD in June. However, by 2025, the market value will drop from 1.4 billion USD to around 900 million USD, possibly related to the lack of new hotspots in the ecosystem.

Conclusion

The competitive landscape of public chain stablecoins is still changing rapidly. Ethereum, Tron, and others maintain their first-mover advantage, while Solana, BSC, and others are gradually rising. The MOVE ecosystem public chains like Aptos and Sui are experiencing significant growth. With the global stablecoin legislation being implemented, the competition for stablecoins will become more intense, and both new and old public chains will face different challenges and opportunities.