Reshaping the Stablecoin Landscape: A Comparative Analysis of 12 Major Public Chain Ecosystems

In 2025, stablecoins become the focus of the crypto market, with a total market value exceeding $245 billion. Stablecoins are not only an indicator of asset liquidity but also an important measure of public chain market recognition. This article analyzes the data of the top 12 public chain stablecoins, outlining the development landscape of public chain stablecoins.

Ethereum: USDC Growth Strengthens Position

The market value of Ethereum stablecoins is $122.5 billion, accounting for 50% of the total issuance. USDT remains dominant, with approximately 50% share. However, by 2025, the issuance of USDT is expected to decrease by 5.07%, making Tron the largest issuing public chain for USDT.

USDC has become the main driver of growth for Ethereum stablecoin. It has grown by 46.4% in six months, reaching 36.9 billion coins, accounting for 60.82% of the total USDC supply. The growth of USDC helps Ethereum maintain its half of the stablecoin market.

Tron: The Largest Issuance Chain and Trading Center for USDT

The TRON stablecoin comes 99% from USDT and has become the largest public chain for USDT issuance, accounting for 31.3% of the global stablecoin market. It has an average daily transaction volume of 2.4 million, far surpassing Ethereum.

Daily processing of 20 billion USDT transfers, accounting for nearly 29% of the global total. Daily active accounts exceed 1 million, accounting for 28%. By 2025, the USDT supply will reach 77.7 billion, a growth of 30%.

Low fees and high speed make Tron the preferred choice for USDT trading, especially favored by retail investors and emerging markets. Collaborating with the Trump family could bring new opportunities for Tron stablecoin.

Solana: High-performance engine driving rapid growth

The market value of Solana stablecoin increased from 1.8 billion to 11.4 billion, a growth of 627%. Although the gap with Ethereum is still large, the growth rate is significant and represents an emerging force that cannot be ignored.

USDC is the preferred stablecoin on Solana, accounting for 73%. USDT accounts for 20%. PayPal's PYUSD has the second highest issuance on Solana, following Ethereum, accounting for 24.36%. Solana has become one of the new preferred options for stablecoins.

BSC: Zero Gas Fee and USD1 Dual Drive

The market value of BSC stablecoins increased by 150%, reaching $10 billion, accounting for 2.4% of the global total. The two significant growths were due to zero Gas fee activities and the issuance of USD1.

USDT accounts for 59%, USD1 accounts for 21%, and BUSD and FUSD combined account for only 3%. The trading share of stablecoin DEX on the BSC chain has risen to 28%, comparable to centralized exchanges.

Base: High-speed growth supported by Coinbase

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

Hyperliquid: A New Hotspot for Derivatives Trading

In the past six months, the market value of stablecoins reached 3.26 billion USD, surpassing several established public chains. USDC accounts for 97.8%, mainly used for derivatives trading. Recently, feUSD, USDT, and USDe have been added, expanding new directions for the ecosystem.

Arbitrum: Incentive End Triggers Pullback

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

Polygon: Migration and Payment Innovation of USDC

The market value of stablecoins has increased by 70% to $2.15 billion. The launch of Circle's native USDC and the pilot programs for payments by Visa and Mastercard are key drivers. USDT and USDC account for 40.79% and 47%, respectively.

Avalanche: The reduction in fees did not lead to explosive growth

The market capitalization of stablecoins increased by 79%, but the growth rate has slowed. The 9000 upgrade significantly reduced fees, but it failed to sustain growth momentum. Overall ecosystem activity enhancement may be key in the future.

Aptos: The Dark Horse of the Move Ecosystem

The market value of stablecoins has surpassed $1 billion for the first time, with an annual increase of 2408%. USDT accounts for 62.39%, while USDC accounts for 32%. Native USDC is expected to grow rapidly after its launch in January 2025.

Sui: A rising star with 230x growth

The market value of stablecoins increased from 5 million USD to 1.156 billion USD, a growth of 230 times. USDC accounts for 75%. The key in the future lies in attracting large funds to enter the market while also addressing security challenges.

TON: Growth Encountering Obstacles Under Social Support

After the launch of USDT in 2024, it experienced rapid growth, but by 2025 it fell back to $900 million. The lack of new hotspots may be a major reason.

Summary

The competitive landscape of public chain stablecoins is changing rapidly. Ethereum and Tron maintain their advantages, while new forces like Solana and BSC are rising quickly. New public chains such as Aptos and Sui are experiencing significant growth. As global stablecoin regulations gradually take shape, competition will become more intense, and the market landscape may be reshaped.