Stablecoin Market Landscape: A Comprehensive Analysis of 12 Public Chain Ecosystems

In 2025, stablecoins have become one of the most prominent areas in the cryptocurrency market. As of May 22, the total market capitalization of stablecoins has surpassed $245 billion, showing a rapid growth trend. Behind this is the intense competition among major public chains. Stablecoins are not only an important indicator of asset liquidity but also a key factor in measuring the recognition of the public chain market. This article will provide an in-depth analysis of the stablecoin data of the top 12 public chains, outlining a panoramic view of the development of public chain stablecoins.

Ethereum: USDC Growth Helps Maintain Leading Position

The market capitalization of Ethereum's stablecoins has reached $122.5 billion, accounting for 50% of the total stablecoin issuance. USDT remains the highest proportion stablecoin on Ethereum, accounting for about 50%. However, from the perspective of USDT, its issuance on Ethereum shows a downward trend at the beginning of 2025. Data shows that in 2024, the issuance of USDT on the Ethereum chain increased by 83.1%, but as of May 21, 2025, the issuance decreased by 5.07%. This directly led to another public chain becoming the largest issuance platform for USDT.

Apart from USDT, Ethereum is also the largest issuing public chain for USDC. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. Six months ago, this figure was only 25.2 billion coins, an increase of 46.4%. The significant growth of USDC has become a key factor in solidifying Ethereum's dominant position.

Certain Public Chain: USDT Dominance, Becoming the On-chain Dollar Trading Center

The stablecoin of this public chain mainly comes from USDT, accounting for over 99%, and has now become the largest issuance platform for USDT. In the global stablecoin market, this chain accounts for approximately 31.3%. Data shows that the daily average transaction volume of USDT on this chain reaches 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

In terms of trading volume, the network processes approximately 20 billion USDT transfers daily, accounting for nearly 29% of the global stablecoin trading volume. In terms of user activity, there are over 1 million unique accounts trading USDT daily, representing 28% of all active stablecoin wallet addresses on the blockchain.

In terms of growth trends, the supply of USDT on this chain increased from 48.8 billion dollars in 2024 to 59.7 billion dollars. In 2025, an additional 18 billion dollars was issued, bringing the total supply to 77.7 billion dollars. This is mainly attributed to the low fees and high transaction speeds of this chain, which are particularly favored by retail investors and emerging markets.

In addition, the collaboration between the chain's founder and a certain political family's cooperation has brought more possibilities for its stablecoin prospects. In May of this year, a co-founder of a new project stated that the USD stablecoin USD1 they issued will be natively issued on this chain. The chain's founder has also revealed a desire to significantly reduce transaction fees and eventually achieve free transfers. However, the further developments of this plan have not yet been announced.

Solana: Rapid Growth Under High TPS

As one of the most popular public chains in the past two years, stablecoins on the Solana chain have also seen significant growth. From 1.8 billion dollars at the beginning of 2024, it increased to a peak of 13.1 billion dollars in May, a growth rate of 627%. Whether in terms of size or growth speed, Solana is an emerging force in the stablecoin sector that cannot be ignored.

Currently, the total market capitalization of Solana stablecoins is about $11.4 billion. Although there is still a significant gap compared to some public chains, considering that its DEX trading volume has surpassed Ethereum, while the issuance of stablecoins is far lower than Ethereum, it indicates that there is still room for improvement in the popularity of stablecoin applications within the Solana ecosystem.

From an internal structure perspective, USDC is the preferred stablecoin on Solana, accounting for 73% of the market share. USDT accounts for about 20%. PYUSD, issued by a major payment giant, has a market value of 200 million USD on the Solana chain, second only to Ethereum, with a share of about 24.36%. Solana has become one of the preferred choices for several new stablecoins.

A certain trading platform public chain: Zero Gas fee and dual drive of USD1

As of May 2025, the chain accounts for approximately 2.4% of the global stablecoin market. Its stablecoin market capitalization increased from $4 billion in 2024 to about $10 billion, a growth of 150%. There were two significant growth periods, one from November 2024 to January 2025, rising from $5 billion to $7 billion; the other from the end of April 2025 to May, rapidly increasing from $7 billion to $9 billion. Analysis shows that the first growth may be attributed to the zero Gas fee promotion launched by the chain, while the second was driven by the issuance of the USD1 stablecoin on the chain. Currently, 99.26% of the issuance of USD1 is on this chain, totaling approximately $2.1 billion.

The proportion of the two stablecoins previously promoted by the chain has decreased to about 3% in total. The issuance proportion of USDT is about 59%, and USD1 accounts for 21%.

A data analysis platform shows that as the popularity of the chain wallet increases, the proportion of on-chain stablecoin DEX trading has risen from less than 10% in April to 28%, almost on par with centralized exchanges.

In addition, in May, the chain accounted for 38.1% of all chains in terms of stablecoin trading volume, ranking first. In terms of cumulative trading volume for USDT, it reached 358 billion USD, second only to the two major public chains. It can be said that in the stablecoin sector, this chain and Solana have become the most competitive new forces.

Base: The Growth Champion Empowered by a Certain Exchange

Base, as an Ethereum L2 incubated by a certain exchange, has seen significant growth in various metrics during this cycle, and the stablecoin sector is no exception. In terms of stablecoin market capitalization, Base has increased from $177 million on January 1, 2024, to $4.09 billion, a growth rate of 2210%, making it the highest increase among the top five public chains by stablecoin market capitalization.

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: A New Choice for Derivatives Whales

As a new battlefield for whales, Hyperliquid, despite its short launch time, has shown great potential. In less than six months, its stablecoin market capitalization has reached 3.26 billion USD, ahead of several established public chains.

From the perspective of ecological applications, Hyperliquid, as a decentralized derivatives exchange, primarily uses USDC as the trading asset. Therefore, USDC is Hyperliquid's largest stablecoin, accounting for 97.8%. It is worth noting that Hyperliquid has recently added feUSD, USDT, and USDe to its stablecoin offerings. Although the issuance and trading volume are currently not high, it opens up new directions for public chain ecological applications.

Arbitrum: Significant Drop After Incentives End

Arbitrum, as a highly regarded Ethereum L2, has experienced significant fluctuations in its stablecoin market cap during this cycle. Throughout 2024, it grew from 2 billion USD to a peak of 6.9 billion USD. However, at the beginning of 2025, it faced a sharp decline, quickly dropping to 2.73 billion USD in January. On January 2nd, the outflow amount in a single day decreased by 2 billion USD.

This significant drop may be attributed to three reasons: first, the termination of the previous round of incentives on December 17, resulting in the simultaneous cessation of liquidity subsidies for about 50 protocols and a concentrated withdrawal of market-making funds. Second, a stablecoin issuer announced that starting January 29, USDT on Arbitrum will be migrated to a new cross-chain standard. Third, a high-yield competing chain's deposit contract has promised a 5% annualized return + airdrop points for USDC/USDT, continuously attracting L2 assets since its launch at the end of November.

Polygon: USDC Migration and Payment Experiment

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 drivers come from the native USDC issuance by a certain stablecoin issuer and several payment giants piloting fiat and stablecoin settlements on the PoS chain, bringing enterprise-level increments.

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

Avalanche: The decrease in fees has not led to explosive growth

Avalanche has experienced relatively slow growth over the past year. Although the overall stablecoin market cap has increased by 79%, growth has stagnated after May 2024, fluctuating between 1 billion and 2 billion USD. By 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 effect has not sustained momentum, and perhaps only an overall increase in ecosystem activity can truly drive the development of stablecoins.

Aptos: A Rising Star in the Move Ecosystem

The total market value of stablecoins on Aptos broke 1 billion USD for the first time in the first quarter of 2025. From 2024 to now, the overall increase has reached 2408%, making it one of the fastest-growing public chains. As a MOVE ecosystem public chain, Aptos and Sui are both emerging competitors. The stablecoins on the Aptos chain are mainly composed of USDT and USDC, with USDT accounting for 62.39% and USDC for 32%. Considering that the native USDC only went live on Aptos in January 2025, this growth rate is already quite impressive.

Sui: The High-Speed New Star with 230x Growth

Sui's stablecoin has seen the largest growth. At the beginning of 2024, the market value of stablecoins on the Sui network was only about $5 million, which increased to $1.156 billion by May 2025, a staggering growth of 230 times. Currently, USDC is the most widely issued stablecoin on the Sui network, accounting for about 75%.

However, the current scale of Sui ecosystem stablecoins is still small, 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 theft incident of a certain project that occurred on May 22 has also raised concerns about its security to some extent, presenting both opportunities and challenges.

TON: Growth Bottlenecks Supported by Social Interaction

As a newcomer to the battlefield in 2024, TON has also achieved rapid growth within a year. In April 2024, a stablecoin issuer announced the simultaneous issuance of USDT and XAUT on the TON chain, becoming its 15th supported network, with the goal of directly bringing 900 million users from a certain social platform into the on-chain dollar payment ecosystem. After going live, wallets and various trading bots quickly integrated, allowing new users to receive and pay USDT with zero threshold using their mobile phone numbers. This laid the foundation for the growth of stablecoins in the TON ecosystem. By June 2024, the issuance of USDT on TON reached $519 million.

However, the growth of the TON ecosystem stablecoin began to decline after a brief surge, dropping from $1.4 billion at the beginning of the year to about $900 million now. This may be related to the lack of obvious hotspots in the TON ecosystem after the click mini-games.

Conclusion

Currently, the competitive landscape of public chain stablecoins is still rapidly changing. Although some established public chains still have first-mover advantages, the rise of several popular new public chains is gradually eating into the head market share. The issuance of new stablecoins is no longer limited to a single public chain. Although the MOVE ecological public chain has a shorter stablecoin minting time, its growth rate is significantly ahead.

It is foreseeable that the competition among stablecoins will become more intense. For established public chains, there is dual pressure to maintain market share while continuing to grow. New public chains are entering a period of rapid market expansion. As stablecoin legislation gradually takes effect around the world, the story of stablecoins is just beginning.