Stablecoins Become a Hot Topic in the Crypto Market: A Comprehensive Comparison of 12 Public Chain Ecosystems

In 2025, stablecoins have become one of the most关注领域 in the crypto market. As of May 22, the total market value of stablecoins has exceeded $245 billion. Behind the rapid growth of stablecoins lies a battlefield of competition among various public chains. Stablecoins are not only indicators of changes in asset flow but also important metrics for measuring the recognition of public chain markets. This article analyzes the stablecoin data of the top 12 public chains, attempting to outline a panoramic view of the development of public chain stablecoins.

Ethereum: Maintaining Leadership with USDC Growth

The market capitalization of Ethereum's stablecoins has reached $122.5 billion, accounting for 50% of all stablecoin issuance. USDT remains the highest proportion stablecoin on Ethereum, at about 50%. However, since 2025, the issuance of USDT on Ethereum has declined, having decreased by 5.07% as of May 21. This has made Tron the largest public chain for USDT issuance.

Besides USDT, Ethereum is also the largest public chain for USDC issuance. As of May 22, the issuance of USDC on Ethereum has reached 36.9 billion coins, accounting for 60.82%. Since October 2024, the issuance of USDC on Ethereum has increased by 46.4%. The substantial growth of USDC has become the main reason for Ethereum maintaining its leading position in stablecoins.

Tron: The main public chain with the largest issuance of USDT, an active on-chain dollar trading center

The stablecoin of Tron mainly comes from USDT, accounting for over 99%, and has currently become the largest issuing public chain for USDT. Tron holds approximately 31.3% of the total market share in the global stablecoin market. The daily average trading volume of Tron’s USDT reaches around 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

In terms of transaction volume, the TRON network processes an average of $20 billion in USDT transfers daily, accounting for nearly 29% of the global stablecoin transaction volume. Over 1 million independent 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 supply of USDT on Tron has increased from 48.8 billion USD in 2024 to 77.7 billion USD. The low fees and high transaction speeds of Tron 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 future of its stablecoin. In January of this year, the founder of TRON revealed a desire to significantly reduce transaction fees, ultimately aiming for free transfers, but specific plans have yet to be announced.

Solana: Rapid Growth Under High Performance

As one of the hottest public chains in the past two years, the stablecoin on the Solana chain has also seen significant growth. It increased from 1.8 billion dollars at the beginning of 2024 to a peak of 13.1 billion dollars in May, with a growth rate of 627%. Although it still lags behind Ethereum and TRON, Solana has become an emerging force in the stablecoin field that cannot be ignored.

From an internal structure perspective, USDC is the main stablecoin on Solana, accounting for 73% of the market share. USDT holds approximately 20% of the share on Solana. A stablecoin issued by a payment platform currently has a market value of 200 million USD on the Solana chain, ranking second after Ethereum, with a share of about 24.36%. Solana is becoming one of the preferred choices for many new types of stablecoins.

BSC: Dual Drive of Zero Gas Fees and Emerging Stablecoins

As of May 2025, BSC accounts for approximately 2.4% of the global stablecoin market share. The market value of stablecoins on the BSC chain grew from $4 billion in 2024 to about $10 billion currently, an increase of approximately 150%. The two concentrated growth phases occurred from November 2024 to January 2025 (increasing from $5 billion to $7 billion) and from the end of April 2025 to May (rapidly increasing from $7 billion to $9 billion). The first growth was primarily driven by the zero Gas fee initiative launched on the BSC chain, while the second was propelled by the issuance of a new emerging stablecoin on the BSC chain.

The issuance of USDT accounts for about 59%, while a certain emerging stablecoin accounts for about 21%. The two stablecoins previously promoted by BSC have decreased to a total of about 3%.

With the rising popularity of a certain wallet, the proportion of stablecoin DEX trading on the BSC chain increased from less than 10% in April to 28%, nearly matching the proportion of centralized exchanges. In addition, in May, BSC accounted for 38.1% of the total transaction volume of stablecoins across all chains, ranking first. In terms of cumulative trading volume of USDT, BSC's $358 billion is only lower than that of Tron and Ethereum.

Base: Rapid Growth Supported by Exchanges

Base, as an Ethereum L2 incubated by a well-known exchange, has achieved significant growth in the stablecoin sector. From $177 million in January 2024, it has grown to $4.09 billion, with 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 largest cumulative trading volume of USDC aside from Ethereum.

Hyperliquid: An Emerging Platform for Derivatives Trading

As an emerging derivatives trading platform, Hyperliquid has achieved a stablecoin market capitalization of $3.26 billion in less than half a year, surpassing some established public chains. USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. Recently, Hyperliquid has also expanded its variety of stablecoins, opening up new possibilities for the applications of public chain ecosystems.

Arbitrum: Adjustments After Incentives End

Arbitrum, as a highly regarded Ethereum L2, has experienced significant fluctuations in the market value of its stablecoin. Throughout 2024, it grew from $2 billion to a peak of $6.9 billion, but by early 2025, it quickly dropped to $2.73 billion. On January 2, a single day outflow decreased by $2 billion.

This significant decline may be due to three reasons: first, the end of the previous round of incentives, with liquidity subsidies for about 50 protocols coming to a concentrated end; second, a certain stablecoin announced the migration of tokens on Arbitrum to a new cross-chain standard; third, a high-yield competitive chain has committed high annual returns and airdrop points for USDC/USDT, attracting some L2 assets.

Polygon: Stablecoin Migration and Payment Innovation

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 increase of nearly 70% year-on-year. The main driving force comes from the native implementation of a certain stablecoin and international payment giants piloting fiat and stablecoin settlements on the PoS chain, bringing enterprise-level increments. Currently, the stablecoin market on the Polygon chain is mainly dominated by USDT and USDC, which account for 40.79% and 47% of the market, respectively.

Avalanche: Lowering Fees Did Not Bring Significant Growth

Avalanche's growth over the past year has been relatively flat. Although the overall stablecoin market cap has increased by 79%, growth has stagnated since May 2024, fluctuating between 1 billion and 2 billion dollars. The network upgrade at the end of 2024 significantly reduced base fees but failed to provide sustained growth momentum. In the future, an overall increase in ecosystem activity may be needed to truly drive the development of stablecoins.

Aptos: The New Star of the Move Ecosystem

The total market value of stablecoins on Aptos surpassed 1 billion USD for the first time 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 primarily composed of USDT and USDC, accounting for 62.39% and 32%, respectively. Considering that a certain stablecoin only began listing on Aptos in January 2025, this growth rate is already quite impressive.

Sui: Amazing 230x Growth

The growth of Sui's stablecoin is the most significant among all public chains, increasing from around $5 million at the beginning of 2024 to $1.156 billion in May 2025, a growth rate of 230 times. Currently, USDC is the most widely issued stablecoin on the Sui network, accounting for about 75%.

However, the overall scale of stablecoins in the Sui ecosystem is still relatively small, and the types of issuance are also limited. Attracting more large funds to enter is the main growth challenge faced by the Sui ecosystem. Meanwhile, recent security incidents may also have a certain impact on its security, presenting a situation of both opportunities and challenges.

TON: Growth Supported by Social Interaction

As a new public chain joining the competition in 2024, TON has achieved rapid growth within a year. In April 2024, a certain stablecoin was synchronously issued on the TON chain, becoming its 15th supported network, with the aim of bringing a large number of social users into the on-chain dollar payment ecosystem. This provides a foundation for the growth of stablecoins in the TON ecosystem.

However, the growth of stablecoins in the TON ecosystem has started to decline after a brief rise, dropping from 1.4 billion dollars at the beginning of the year to around 900 million dollars. This may be related to the lack of new growth points in the TON ecosystem after an early surge.

Summary

The competitive landscape of stablecoins in public chains is still rapidly changing. Although Ethereum, TRON, and other public chains maintain a leading advantage, emerging public chains like Solana and BSC are gradually eating into market share. The issuance of new stablecoins is no longer limited to Ethereum. MOVE ecosystem public chains like Aptos and Sui, although starting later, are showing significant growth.

The competition among stablecoins will become more intense in the future. Established public chains face the dual pressure of maintaining market share while continuing to grow, while new public chains are entering a period of rapid market expansion. With global stablecoin regulations gradually being implemented, the development in the stablecoin sector has only just begun.