Stablecoin Market Share by Chain Statistics 2025: Chains, Coins, & Winners Revealed

Stablecoins have emerged today as a pivotal layer in the crypto‑economy, keeping digital transactions stable while earning more regulatory scrutiny. Across finance, stablecoins support cross‑border payments, DeFi liquidity, and institutional treasury operations. For example, blockchain‑based remittances use stablecoins to cut frictional costs, corporates use them for cash parking and fast settlements. Explore the sections below to understand how stablecoin shares are distributed by chain, by structure, and what’s changing year over year.

Editor’s Choice

• Total stablecoin market cap reached about $246 billion in May 2025, up 2.27% from the prior month.
• USDT (Tether) crossed $150 billion in market cap in May 2025.
• USDC (Circle) remains the #2 stablecoin by market cap, with estimates around $70‑$75 billion mid‑2025.
• Ethereum holds approximately 70% of all stablecoin supply on the blockchain network.
• Binance Smart Chain ranks second among chains, holding around 14–16% of the stablecoin supply.
• On‑chain stablecoin transaction volume exceeded $8.9 trillion in H1 2025 globally.
• The top five stablecoins, USDT, USDC, DAI, BUSD, and TUSD, account for roughly 90% of the total market cap.

Recent Developments

• Passage of the GENIUS Act in the U.S. in mid‑2025 which sets stricter requirements for reserves, audits, and transparency for stablecoin issuers.
• Stablecoin market cap reached a new high of $251.7 billion as of mid‑2025.
• Tether plans the issuance of a new U.S.‑based stablecoin, USAT, to align with regulatory frameworks.
• Stablecoins are now being integrated more visibly into payment systems infrastructure globally.
• High volatility in macroeconomic conditions (interest rates, regulation) is pushing stablecoin issuers to hold more U.S. Treasuries and other liquid assets.
• Rising discussion and press about stablecoins in payments increased by ~186% in H1 2025 vs H1 2024, cross‑border stablecoin payment press up over 1,000%.
• More transparency is demanded from stablecoin issuers regarding reserve backing and asset composition. Regulatory scrutiny is increasing.

Stablecoin Market Share by Blockchain Network

• Ethereum captures about 70% of the stablecoin supply across blockchains.
• Binance Smart Chain holds approximately 15% of the stablecoin supply.
• The remaining 15% is distributed among Solana, Tron, Polygon, and various emerging or smaller networks.

• On Ethereum, stablecoin transfer volume shows a strong upward trend in 2025, though still below peak transfer volumes from mid‑2024.
• Solana and Tron are among the competing chains that are increasing in stablecoin circulation, particularly for USDT and USDC.
• Cross‑chain bridges and layer‑2 networks (e.g., Polygon, Arbitrum) are increasingly used for stablecoin movement, suggesting growing fragmentation in where stablecoins flow.
• Smart contract activity involving stablecoins is highest on Ethereum, followed by networks that support robust DeFi ecosystems.

Top Chains for Stablecoin Circulation

• Ethereum leads by far in stablecoin circulation (volume and circulation), given its dominant share of supply (~70%).
• Solana shows substantial stablecoin transaction volume, particularly for USDC flows.
• Base and Arbitrum are also seeing growing USDC activity. Base has one of the largest cumulative stablecoin transaction bases.
• Polygon hosts stablecoin circulation in DeFi and payment bridges; USDC and USDT transfers on Polygon are nontrivial.
• Tron remains relevant, especially for USDT, as many of its tokens are minted on Tron.
• Networks with smaller DeFi activity have lower stablecoin circulation despite supply presence.
• Emerging high‑throughput chains (both layer‑1 and layer‑2) are increasingly used for stablecoin traffic because of lower fees and faster settlement.

Leading Stablecoins by Market Capitalization

• USDT (Tether) remains the largest stablecoin, surpassing $150 billion in market cap by mid‑2025.
• USDC (Circle) ranks second, approximately $70‑75 billion market cap.
• Ethena USDe has emerged as a top contender, with a market cap of over $13 billion in mid‑2025.
• DAI (MakerDAO) holds a smaller share comparatively, around $5‑7 billion, depending on whether counting total supply or circulating adjusted value.

• BUSD, TUSD remain among the top stablecoins, though their combined share is much less than USDT and USDC.
• Fiat‑backed stablecoins dominate the top spots; crypto‑backed ones (like DAI) are fewer among the top 5 in capitalization.
• The top 5 stablecoins make up about 90% of the stablecoin market cap.

Stablecoin Share on Ethereum vs Competing Chains

• Ethereum holds about 65.4% of the total stablecoin supply among chains.
• Base is rising, with roughly 5.6% of stablecoin share.
• Arbitrum, BNB Chain, and Solana each account for about 3.7% of stablecoin supply.
• Polygon holds around 2.5%, and Avalanche about 1.9% of the stablecoin supply.
• In early 2025, stablecoins on Ethereum saw supply growth, e.g., USDC on Ethereum rose from $34.5 billion to nearly $39.7 billion.
• Ethereum’s dominance partially stems from reduced gas fees and favorable user or institution activity, making it more competitive vs layer‑2s and alternative chains.
• A chain (other than Ethereum) overtook Ethereum as the largest issuer of USDT recently, holding c.31.3% of global USDT issuance.
• Rising issuance of USDC on Ethereum (+46.4% since October 2024) is helping maintain Ethereum’s commanding position.

Stablecoin Activity on Emerging Blockchains

• Chains like Base are contributing ~5‑6% stablecoin supply share, climbing rapidly.
• Solana, though smaller in total share, has an increasing transaction volume of USDC and USDT.
• Tron remains strong for USDT issuance, especially in non‑Ethereum markets.
• Polygon and Avalanche, though with smaller supply shares, are used heavily as bridges or for lower‑fee stablecoin movements.
• Emerging activity on alternative networks (non‑EVM, or newer layer‑2) is increasing, particularly for smaller stablecoins and for use cases like cross‑border payments.
• USDC growth on Ethereum (from ~$34.5 billion to ~$39.7 billion) suggests institutions are favoring chains with stronger regulatory clarity.
• Bot‑driven transfer activity on Ethereum rose sharply in mid‑2025, contributing to higher stablecoin volumes vs competing chains.

Stablecoins as a Proportion of the Crypto Market

• Bitcoin dominates with about $2,303 billion, representing 60% of the total crypto market.
• Stablecoins account for around $265 billion, making up 7% of the market.
• Other cryptocurrencies collectively hold about S$1,292 billion, or 33% of the market.

Fiat‑backed vs Crypto‑backed Stablecoins

• Crypto‑backed stablecoins combined have a market cap of about $19 billion in early 2025.
• The majority of the stablecoin market cap remains in fiat‑backed stablecoins.
• Crypto‑backed stablecoins are more volatile and often over‑collateralized to absorb price swings.
• Usage in DeFi is where crypto‑backed stablecoins find more of their utility (collateral, algorithmic mechanisms, etc.).
• Fiat‑backed stablecoins benefit from regulatory favor and clearer audit or reserve practices, which help institutional adoption.
• Some hybrid models (e.g., partially crypto‑backed or algorithmic plus collateral) are seeing innovation but still represent a small slice.
• Crypto‑backed stablecoin share has been flat to modestly growing in 2025, but is still far behind fiat‑backed ones.

Algorithmic Stablecoins: Market Share by Chain

• Algorithmic stablecoins, while previously popular in some niche cases, now represent a minor share of the total market cap.
• FRAX and USDN are algorithmic or hybrid coins that have posted very high growth rates in 2025 (FRAX ~1,277%, USDN ~1,022% year‑over‑year).
• Some algorithmic stablecoins have small market caps (single‑digit billions or less), compared to fiat‑backed giants.
• Chains hosting algorithmic stablecoins tend to be those with strong DeFi activity, where staking, governance, or synthetic assets need flexible models.
• Algorithmic models are more sensitive to market conditions, volatility, regulatory risk, and reserve transparency, so their usage is more cautious.

Stablecoin Usage by Purpose

• DeFi and Trading lead stablecoin activity, accounting for 67% of total usage.
• Remittances make up 15%, showing strong adoption in cross-border payments.
• Inflation hedge use represents 10%, highlighting demand in volatile economies.
• Merchant payments account for 5%, reflecting growing retail and business adoption.
• Other purposes remain small at 3%, but indicate emerging experimental use cases.

Centralized vs Decentralized Stablecoin Market Share

• Decentralized stablecoins represent about 20% of the stablecoin market in 2025, up from ~18% in 2023.
• DAI (MakerDAO) leads the decentralized stablecoins category, with a market cap of around $9–11 billion.
• Centralized fiat‑backed stablecoins (USDT, USDC, BUSD, etc.) still dominate with ~80% or more of the supply and usage.
• Decentralized stablecoins see more use in governance, DeFi collateral, synthetic assets, or protocol treasuries.
• Hybrid centralized or decentralized models are emerging, e.g., issuing entities might be centralized, but operations, collateral, or governance have decentralized components.

Leading Decentralized Stablecoins by Network

• DAI (MakerDAO) is the largest decentralized stablecoin, surpassing $10 billion in market cap and being widely used across DeFi.
• FRAX is another hybrid or decentralized option, growing in pools and usage.
• RSV holds around $500 million in supply, especially relevant in Latin America.
• Others, like LUSD and algorithmic or unstable‑collateral mechanisms, are used by smaller DeFi protocols but with far less overall market share.

Regional Differences in Stablecoin Usage

• Asia & Pacific lead in stablecoin activity, inflows ~$407 billion, outflows ~$395 billion in 2024.
• Stablecoin usage in Latin America and Africa represents a growing share of local GDP, estimated at 6–7%.
• Africa & Middle East have usage of around 6.7% of GDP for stablecoins.
• Non‑USD stablecoins are growing in Southeast Asia. Q2 2025 saw 258,000 transactions of non‑USD stablecoins, with SGD‑pegged ones making up about 70.1% of that market.
• In the same region, among chains used for non‑USD stablecoin transactions, Avalanche led with 39.4%, Polygon ~32.5%, and BSC ~10.9%.
• Global wallet adoption exceeded 500 million, and many new wallets are from emerging economies.
• APAC crypto adoption saw 69% year‑over‑year growth in value received in the 12 months ending June 2025.
• Latin America grew ~63% YoY in crypto activity, and Sub‑Saharan Africa grew ~52%.

Stablecoin Adoption in DeFi Platforms by Chain

• DeFi total value locked (TVL) in 2025 is about $123.6 billion, with stablecoins contributing around 40% of that.
• The number of active stablecoin wallets increased by over 50% YoY.
• Ethereum remains the primary chain for decentralized stablecoins in DeFi, both in terms of contracts and collateral use.
• Use of DAI (MakerDAO) in lending, collateral, and liquidity pools stays high.
• DeFi protocols are increasing collateralization standards and smart contract audits, which are helping build trust.
• Yield opportunities for stablecoin assets in DeFi platforms lie roughly between 5‑10% APY, depending on chain and protocol risk.
• Growth of stablecoin transfer volumes on Ethereum pointed to early 2025 revival trends.
• Non‑custodial wallet use is strong among DeFi users, especially in Emerging Markets.

Cross‑Border Stablecoin Transactions by Blockchain

• Asia & Pacific had inflows of ~$407 billion, outflows of ~$395 billion, and intraregional flows of ~$209 billion.
• North America had inflows of ~$363 billion, outflows of ~$417 billion, and ~$216 billion in intraregional flows.
• In Latin America and the Caribbean, cross‑border transactions are significant, often driven by remittances and trade.
• Stablecoins used in cross‑border payments tend to be USDT and USDC. Emerging economies prefer USDT more.
• Transaction sizes vary by region, Asia & Pacific average ~$11,493 per cross‑border transaction, North America ~$35,016.
• North America is a net source of stablecoin outflows to other regions (~$54 billion in 2024).

Merchant and Institutional Adoption by Network

• Stablecoins are increasingly used in corporate treasury operations, cross‑border payments, and supply‑chain settlements, with adoption rising by ~25%.
• Asia’s trade & payment ecosystem is using USD‑backed stablecoins more, especially for commerce involving US or USD transactions.
• Latin America leads in real‑world use, with 71% of firms using stablecoins for cross‑border payments.
• Asia’s firms identify market expansion as the top stablecoin driver, with about 49% citing that.
• In North America, 88% of firms view stablecoin regulation as an enabler, not a barrier.
• Enterprises care about speed and compliance; 48% cite speed as the top benefit, ~34‑40% cite compliance.
• Payment providers, banks, and fintechs are building rails that include stablecoins to remain competitive.

Regulatory Developments Impacting Market Share

• The U.S. passed the GENIUS Act in mid‑2025, requiring stablecoin issuers to have full‑reserve backing, monthly reserve disclosures, audits, and stricter compliance.
• Many stablecoin issuers are structuring or re‑structuring operations to align with new regulations.
• Regulatory clarity is boosting institutional interest; firms in North America see regulation not just as a compliance cost but as a competitive advantage.
• In Asia, projects like Ripple’s RLUSD are being arranged under new stablecoin frameworks.
• Supervision and audit requirements are being strengthened, especially for fiat‑backed stablecoin reserves.
• Discussions in jurisdictions like the UK include caps on stablecoin holdings per individual or business to manage systemic risk.

Stablecoin Market Share Trends (Year‑Over‑Year)

• Total stablecoin market cap is about $251.7‑$252 billion by mid‑2025, up ~22% from the prior year.
• On‑chain stablecoin transaction volume in the first half of 2025 exceeded $8.9 trillion.
• USD‑backed stablecoin supply in Asia rose sharply, and Asia‑based firms increasingly use USD stablecoins to trade or settle.
• Decentralized stablecoins’ share stays around 20% of market capitalization.
• Active stablecoin wallets grew over 50% YoY.
• Emerging non‑USD stablecoins are launching and increasing usage in regions like Southeast Asia, with rising transaction counts.
• Growth in corporate adoption (~25%) reflects stablecoins moving beyond trading into real‑world use cases.

Frequently Asked Questions (FAQs)

Conclusion

Stablecoins are shifting from niche crypto tools to foundational infrastructure in payments, commerce, and finance. Regulatory changes like the GENIUS Act are reshaping competitive dynamics, especially for chains and issuers willing to meet audit, reserve, and compliance demands. Regions such as Asia, Latin America, and Africa continue growing fastest in both transactions and institutional interest.

The coming months will likely determine which stablecoins and blockchain networks lead not only in size, but in trust, utility, and global reach.