Public Chain Stablecoin Ecological Panorama: Competition Between New and Old Forces, Varying Growth Trends

In 2025, stablecoins have become one of the most关注的 fields in the crypto market. As of May 22, the total market value of stablecoins has surpassed $245 billion. Behind this rapid rise, various public chains are secretly competing. Stablecoins are not only indicators of asset flow changes but also important standards 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: USDC rise holds half of the market

The market value of Ethereum's stablecoin is $122.5 billion, accounting for 50% of the total stablecoin issuance. USDT remains its main stablecoin, with a share of approximately 50%. However, since 2025, the issuance of Ethereum USDT has decreased by 5.07%, making Tron the largest public chain for USDT issuance.

On the other hand, Ethereum is the largest public chain for the issuance of USDC. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. In six months, it has risen by 46.4%, becoming the main reason why Ethereum maintains a significant portion of the stablecoin market.

TRON: The largest issuing public chain for USDT, the "distribution hub" for US dollars

The stablecoin of TRON mainly comes from USDT, accounting for over 99%, and has become the largest issuing public chain of USDT. TRON has a market share of approximately 31.3% in the global stablecoin market. The daily trading volume of USDT reaches 2.4 million transactions, far exceeding Ethereum's 284 thousand transactions.

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

In 2025, the supply of USDT on the TRON network will increase from 59.7 billion USD to 77.7 billion USD. Its low fees and high transaction speed make it the preferred network for USDT trading, especially favored by retail investors and emerging markets.

Solana: The Acceleration Engine with High TPS

The Solana stablecoin rose from 1.8 billion dollars at the beginning of 2024 to a peak of 13.1 billion dollars in May, an increase of 627%. Although there is still a gap compared to Tron and Ethereum, Solana has become an emerging force in the stablecoin sector that cannot be ignored.

USDC is the preferred stablecoin on Solana, accounting for 73% of the market share. USDT has a share of about 20%. PYUSD issued by PayPal has a market value of 200 million USD on the Solana chain, second only to Ethereum. Solana has become one of the preferred options for various new types of stablecoins.

BSC: Zero Gas and Dual Drive of USD1

BSC accounts for 2.4% of the global stablecoin market share. Its stablecoin market value has risen from $4 billion in 2024 to about $10 billion, an increase of 150%. The two significant rises are due to zero Gas fee activities and the issuance of the USD1 stablecoin.

USDT accounts for 59% on BSC, while USD1 accounts for 21%. Recently, the trading proportion of stablecoin DEX on the BSC chain has risen from less than 10% to 28%, comparable to that of centralized exchanges. In terms of cumulative trading volume of USDT, BSC with 358 billion USD is second only to Tron and Ethereum.

Base: The Growth Champion Empowered by Coinbase

Since January 2024, the market value of stablecoins on Base has risen from $177 million to $4.09 billion, an increase of 2210%, making it the largest increase among the top five public chains. 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 outside of Ethereum.

Hyperliquid: The New Vault for Derivative Whales

As an emerging derivatives trading platform, Hyperliquid's stablecoin market capitalization reached $3.26 billion within six months, ahead of several established public chains. USDC is its largest stablecoin, accounting for 97.8%. Recently, new stablecoin types such as feUSD, USDT, and USDe have been added, opening new ports for ecological applications.

Arbitrum: Incentive Suspension Leads to Plunge

The market value of Arbitrum stablecoin has experienced significant fluctuations, rising from $2 billion to $6.9 billion in 2024, before rapidly dropping to $2.73 billion in early 2025. The main reasons include the termination of incentives, the migration of USDT to a new standard, and high-yield competitive chains attracting assets.

Polygon: USDC Migration and Payment Testbed

The market capitalization of Polygon's stablecoin has risen from 1.26 billion to approximately 2.15 billion USD, an annual increase of nearly 70%. The growth momentum comes from the launch of Circle's native USDC and the pilot of fiat and stablecoin settlements by large payment companies on PoS chains. USDT and USDC account for 40.79% and 47% of the market share, respectively.

Avalanche: Reduced Fees Fail to Bring Explosive Rise

Avalanche stablecoin market capitalization has risen by 79%, but the growth rate has stagnated. Despite the significant reduction in fees due to upgrades by the end of 2024, it has failed to sustain momentum. The overall increase in ecosystem activity may be the key to driving the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of Aptos stablecoin surpassed 1 billion USD in the first quarter of 2025, with a rise 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-Speed Growing Chain with 230x Rise

The market value of Sui stablecoin rose from 5 million USD to 1.156 billion USD, an increase of 230 times. USDC accounts for the highest share at 75%. However, Sui faces challenges in attracting large capital inflow and ensuring security.

TON: Telegram Social Support Growth Weakness

The TON stablecoin saw rapid rise initially with the support of Tether, but experienced a downturn in 2025, falling from about $1.4 billion to around $900 million. The lack of new hotspots may be one of the reasons for the stagnation in growth.

Conclusion

The competitive landscape of public chain stablecoins is still changing rapidly. Ethereum, TRON, and others maintain their first-mover advantage, while emerging public chains like Solana and BSC are gradually eating into market share. MOVE ecosystem public chains like Aptos and Sui are showing significant rise advantages. As global stablecoin legislation gradually takes shape, the competition in the stablecoin sector has just begun, and future development is worth looking forward to.