Competitive Landscape of the Stablecoin Market: Comparative Analysis of Major Public Chain Ecosystems

In 2025, stablecoins became the focal point of the cryptocurrency market, with a total market value exceeding 245 billion USD. Stablecoins are not only an important indicator of asset liquidity but also reflect the market recognition of various public chains. This article analyzes the stablecoin data of 12 major public chains, outlining the overall landscape of stablecoin development in public chains.

Ethereum: USDC Growth Supports Market Position

The market capitalization of Ethereum stablecoins is 122.5 billion USD, accounting for 50% of the overall market. USDT has the highest share, at about 50%. However, since 2025, the issuance of Ethereum USDT has decreased by 5.07%, making Tron the largest issuing chain of USDT.

USDC is the second largest stablecoin on Ethereum, with an issuance of 36.9 billion, accounting for 60.82%. It has grown by 46.4% in six months, becoming the key to Ethereum maintaining its dominance.

TRON: The Largest Issuing Chain for USDT and the "Dollar Distribution Hub"

The TRC20 stablecoin is 99% derived from USDT, making it the largest issuing chain for USDT, accounting for 31.3% of the global share. The average daily transaction volume is 2.4 million, far exceeding Ethereum's 284,000.

Daily processing of $20 billion in USDT transfers, accounting for 29% of the global total. Over 1 million active accounts, accounting for 28%. An increase of 18 billion USDT is planned for 2025, bringing the total to $77.7 billion. Low fees and high speed are favored by retail investors and emerging markets.

Solana: A Rapidly Rising New Force

The Solana stablecoin increased from $1.8 billion at the beginning of 2024 to $13.1 billion, a growth of 627%. The total market value is $11.4 billion, which still shows a gap with the leaders, but the growth rate is significant.

USDC is the main stablecoin on Solana, accounting for 73% of the market share. USDT accounts for 20%. PYUSD issued by PayPal has a market value of 200 million USD on Solana, second only to Ethereum.

BSC: Zero Gas Fees and Dual Push of USD1

BSC accounts for 2.4% of the global stablecoin market. Since 2024, it has increased from $4 billion to $10 billion, a growth of 150%. Zero Gas fee activities and the issuance of USD1 are the two major growth drivers.

USDT accounts for 59%, while USD1 accounts for 21%. Binance wallet has driven the share of DEX stablecoin trading from 10% to 28%. In terms of the number of transactions, it accounts for 38.1%, ranking first.

Base: Rapid Growth in the Context of Coinbase

The market capitalization of Base stablecoin increased from $177 million to $4.09 billion, a growth of 2210%, making it the fastest-growing among the top five public chains. USDC accounts for 97.8%, making it the largest public chain by USDC trading volume, excluding Ethereum.

Hyperliquid: An Emerging Platform for Derivative Trading

In the past six months, the market value of stablecoins reached 3.26 billion USD, leading several established public chains. USDC accounted for 97.8%, primarily used for derivatives trading. Recently, new coins such as feUSD, USDT, and USDe have been added to expand ecosystem applications.

Arbitrum: Adjustments After Incentives End

In 2024, the market value of stablecoins increased from $2 billion to $6.9 billion, and then rapidly dropped to $2.73 billion by early 2025. The main reasons include the termination of incentives, the migration of USDT, and competition from Blast.

Polygon: Business Applications Drive Growth

The market capitalization of stablecoins increased from 1.26 billion to 2.15 billion USD, a growth of 70%. The growth was driven by Circle's native USDC and pilot programs with Visa and Mastercard. USDT and USDC account for 40.79% and 47%, respectively.

Avalanche: Weak Growth

The market capitalization of stablecoins has grown by 79%, but the growth rate is slow. The 9000 upgrade has reduced fees, but it has not led to explosive growth. The overall ecosystem's activity level needs improvement.

Aptos: The Dark Horse of the Move Ecosystem

The market value of stablecoins has surpassed 1 billion USD for the first time, growing by 2408%. USDT accounts for 62.39%, while USDC accounts for 32%. Native USDC experienced rapid growth immediately after its launch.

Sui: Amazing 230x Growth

The market value of stablecoins has increased from $5 million to $1.156 billion, a growth of 230 times. USDC accounts for 75%. It is developing rapidly but still small in scale, facing challenges in attracting large funds and ensuring security.

TON: Growth and Decline Supported by Social Engagement

The launch of USDT drove early rapid growth, but it began to decline in 2025. It dropped from 1.4 billion dollars to around 900 million dollars, which may be related to the lack of new hotspots in the ecosystem.

Conclusion

The competition landscape of public chain stablecoins is changing rapidly. Leading public chains maintain their advantages, but emerging public chains like Solana, BSC, etc., are rising quickly. MOVE ecosystem public chains such as Aptos and Sui are experiencing significant growth. As global stablecoin regulations gradually improve, competition will become even more intense, and the evolution of the stablecoin market has only just begun.