Ethereum and Tron together hold 80.49% of the global stablecoin market, leaving the other 197 chains tracked by DefiLlama to split the remaining 19.51%. The full stablecoin supply reached $321.30 billion as of 2026-05-17, up from $243.17 billion one year earlier, a 32.1% year-over-year expansion. The chain-by-chain breakdown that follows separates the two-network base layer from the L2 scaling layer and the single-application chains entering the top 10.
Key Takeaways
- Ethereum holds 52.01% of the stablecoin market cap at $163.95 billion, the single largest share of any blockchain.
- Tron holds 28.48% at $89.79 billion, with USDT representing more than 98% of its dollar-pegged supply.
- The top 5 chains capture 91.44% of all stablecoin supply, leaving fewer than 9 percentage points for chains 6 through 199.
- Arbitrum is the fastest-growing top-10 chain at approximately +204.2% year-over-year, reaching $3.97 billion in stablecoin market cap.
- BSC stablecoin supply grew approximately +86.3% in 12 months to $17.85 billion on the per-chain view, the fastest growth among the top 4 chains.
- Hyperliquid L1 entered the top 5 chains at $5.51 billion in stablecoin market cap with USDC composing 6.7% of its supply, driven by a single perpetuals trading venue.
- The global stablecoin market doubled in two years, expanding from $160.30 billion on 2024-05-17 to $321.30 billion on 2026-05-17.
Editor’s Choice
- Total stablecoin market cap on 2026-05-17: $321.30 billion across 199 chains tracked.
- Ethereum stablecoin supply: $163.95 billion, up from $124.15 billion one year earlier.
- Tron stablecoin supply: $89.83 billion, up from $74.22 billion one year earlier.
- USDT global circulation: $189.70 billion, 59.01% of the global stablecoin market.
- USDC global circulation: $77.05 billion, 23.97% of the global stablecoin market.
- BSC stablecoin market cap (per-chain view): $17.85 billion, with $2.86 billion in USYC and $1.83 billion in USD1.
- Arbitrum 12-month change in stablecoin market cap: approximately +204.2%, the highest in the top 10.
Recent Developments
- 2026-05-17: DefiLlama’s chains aggregate reported $315.23 billion across all chains and $321.30 billion when bridged supply is included, a difference attributable to chain-aggregate versus per-chain accounting.
- April 2026: BSC’s stablecoin supply passed Solana on the per-chain endpoint, reaching $17.85 billion against Solana’s $15.65 billion, driven by USYC and USD1 concentration.
- Q1 2026: Hyperliquid L1 reached $5.51 billion in total stablecoin market cap with $5.17 billion in USDC accounting for 6.7% of USDC’s global supply.
- March 2026: Circle’s Multichain USDC page lists native USDC issuance on more than 15 blockchains plus the Cross-Chain Transfer Protocol, the broadest native-issuance footprint of any stablecoin.
- February 2026: Tether’s Transparency page listed authorized USDT issuance across 16 networks, with Tron and Ethereum holding the majority share.
Methodology
- Source: DefiLlama Stablecoins endpoint (`stablecoins.llama.fi`).
- Snapshot date: 2026-05-17.
- Extraction window: per-chain endpoint returns historical daily values from 2017 onward; per-coin endpoint returns the same.
- Filters applied: `peggedUSD` only (RUB, PHP, CNY, REAL pegs excluded from market-share totals).
- Refresh cadence: quarterly. Top-10 chain rank ordering is reviewed each quarter against the DefiLlama snapshot used here.
- Two views reported: the chains aggregate (`stablecoinchains` endpoint) returns $315.23 billion total because it sums native circulating supply per chain. The all-stablecoins endpoint returns $321.47 billion because it sums each issuer’s total circulating supply (including bridged versions).
Both methodologies are valid; they answer slightly different questions. The chains aggregate measures “where dollars settle”; the all-stablecoins view measures “what’s outstanding by issuer”. A reader comparing this report to a competing dashboard should check which baseline the source uses before declaring a discrepancy.
Total Stablecoin Market by Chain Concentration Statistics
- Ethereum stablecoin supply: $163.95 billion (52.01% of total).
- Tron stablecoin supply: $89.79 billion (28.48% of total).
- Solana stablecoin supply: $15.15 billion (4.80% of total).
- BSC stablecoin supply on the chain-aggregate view: $13.86 billion (4.40% of total).
- Hyperliquid L1 stablecoin supply: $5.51 billion (1.75% of total).
- The top 2 chains hold 80.49% of the stablecoin market cap combined, with Ethereum plus Tron’s share.
- The top 5 chains hold 91.44% of the total stablecoin supply.
| Rank | Chain | Stablecoin mcap | Share of total |
|---|---|---|---|
| 1 | Ethereum | $163.95 billion | 52.01% |
| 2 | Tron | $89.79 billion | 28.48% |
| 3 | Solana | $15.15 billion | 4.80% |
| 4 | BSC | $13.86 billion | 4.40% |
| 5 | Hyperliquid L1 | $5.51 billion | 1.75% |
| 6 | Base | $4.73 billion | 1.50% |
| 7 | Arbitrum | $3.71 billion | 1.18% |
| 8 | Polygon | $3.41 billion | 1.08% |
| 9 | Aptos | $1.71 billion | 0.54% |
| 10 | X Layer | $1.67 billion | 0.53% |
| 11 | Avalanche | $1.42 billion | 0.45% |
| 12 | Plasma | $0.99 billion | 0.31% |
| 13 | TON | $0.75 billion | 0.24% |
| 14 | MegaETH | $0.69 billion | 0.22% |
| 15 | Mantle | $0.61 billion | 0.19% |
Source: DefiLlama
By the numbers: The top 5 chains capture 91.44% of the $321.30 billion stablecoin market, with Ethereum alone holding more than half. Across CoinLaw’s coverage of the stablecoin market, this concentration has held above 90% for every quarterly snapshot since mid-2024, chain diversification gets discussed more than it actually happens.
Ethereum Stablecoin Market Share Statistics
- Ethereum stablecoin supply on 2026-05-17: $164.93 billion on the per-chain endpoint.
- Ethereum 12-month change: from $124.15 billion on 2025-05-17 to $164.93 billion on 2026-05-17, approximately +32.8%.
- USDT on Ethereum: $82.91 billion, 43.7% of USDT’s global supply.
- USDC on Ethereum: $50.77 billion, 65.9% of USDC’s global supply.
- Ethereum’s share of total stablecoin supply: 52.01%, the largest of any single chain.
| Stablecoin on Ethereum | Circulating | Share of coin’s supply |
|---|---|---|
| USDT | $82.91 billion | 43.7% |
| USDC | $50.77 billion | 65.9% |
| USDS | $8.30 billion | 94.3% |
| DAI | $3.72 billion | 80.5% |
| USDe | $2.62 billion | 60.3% |
| PYUSD | $2.39 billion | 69.1% |
| BUIDL | $1.18 billion | 36.7% |
Source: DefiLlama
Why does USDC concentrate so heavily on Ethereum?
USDC issues 65.9% of its $77.05 billion supply on Ethereum because institutional settlement, lending markets, and the largest centralized exchange custodial flows still clear on the Ethereum mainnet. Circle’s Multichain USDC program covers more than 15 chains, but native issuance volume tracks where Aave, Uniswap, and Coinbase route their settlement.
Tron Stablecoin Dominance Statistics
- Tron stablecoin supply on 2026-05-17: $89.83 billion on the per-chain endpoint.
- Tron 12-month change: from $74.22 billion on 2025-05-17 to $89.83 billion on 2026-05-17, approximately +21.0%.
- USDT on Tron: $88.41 billion, 46.6% of USDT’s global supply.
- Tron stablecoin composition: USDT represents more than 98% of Tron’s dollar-pegged supply.
- Tron’s share of total stablecoin supply: 28.48%, the second-largest of any single chain.
| Tron stablecoin metric | Value |
|---|---|
| Total peggedUSD supply | $89.83 billion |
| USDT share | More than 98% |
| Year-over-year change | +21.0% |
| Global market share | 28.48% |
Source: DefiLlama, Tether Transparency
Why it matters: Tron carries $88.41 billion in USDT issuance, alongside Ethereum’s $82.91 billion in circulating USDT. The single-token, single-chain dependency on USDT for cross‑border payments underwrites dollar-equivalent flows outside the US legal perimeter.
Why does USDT dominate Tron?
USDT dominates Tron because Tron holds $88.41 billion in USDT against $89.83 billion in total dollar-pegged supply. Tron’s low transaction fees and high-throughput TRC-20 standard make it the lowest-cost rail for retail dollar transfers in markets where Ethereum gas costs are prohibitive, primarily emerging-market remittance corridors. The chain functions, in practice, as a USDT settlement network.
Solana Stablecoin Market Share Statistics
- Solana stablecoin supply on 2026-05-17: $15.65 billion.
- Solana 12-month change: from $11.85 billion on 2025-05-17 to $15.65 billion on 2026-05-17, approximately +32.1%.
- USDC on Solana: $7.68 billion, 10.0% of USDC’s global supply.
- USDT on Solana: $2.52 billion, 1.3% of USDT’s global supply.
- Solana’s share of total stablecoin supply: 4.80%.
BSC Stablecoin Growth Statistics
- BSC stablecoin supply on the per-chain view: $17.85 billion on 2026-05-17, up from $9.58 billion one year earlier.
- BSC 12-month growth: approximately +86.3%, the fastest growth among the top 4 chains by stablecoin market cap.
- USDT on BSC: $9.18 billion, the largest single-coin allocation on the chain.
- USYC on BSC: $2.86 billion, representing 96.3% of USYC’s global supply.
- USD1 on BSC: $1.83 billion, 40.3% of USD1’s global supply.
| BSC stablecoin metric | Value |
|---|---|
| Per-chain stablecoin supply | $17.85 billion |
| Year-over-year change | +86.3% |
| Largest single stablecoin | USDT $9.18 billion |
| Largest tokenized treasury | USYC $2.86 billion (96.3% of supply) |
| Notable issuer | USD1 $1.83 billion (40.3% of supply) |
Source: DefiLlama
Key finding: Circle’s USYC tokenized treasury holds 96.3% of its $2.97 billion supply on BSC, and World Liberty Financial’s USD1 routes 40.3% of its $4.53 billion issuance through the same chain. Across CoinLaw’s tracking of Binance Smart Chain listings, this two-issuer concentration is a regulatory-arbitrage cluster, newer dollar tokens choose BSC for issuance density and lower compliance friction relative to Ethereum’s institutional surface.
How fast is the Binance Smart Chain stablecoin supply growing?
BSC stablecoin supply grew approximately +86.3% in 12 months to $17.85 billion, the fastest in the top 4. BSC’s per-chain stablecoin supply at $17.85 billion exceeds Solana’s $15.65 billion on the same endpoint. Two factors drove the surge: USYC routes 96.3% of supply through BSC, and USD1 placed 40.3% of issuance there.
Base and Arbitrum L2 Stablecoin Statistics
- Base stablecoin supply: $4.74 billion on 2026-05-17, up from $4.05 billion one year earlier.
- Base 12-month growth: approximately +17.1%.
- USDC on Base: $4.32 billion, representing approximately 91% of Base’s stablecoin supply.
- Arbitrum stablecoin supply: $3.97 billion on 2026-05-17, up from $1.31 billion one year earlier.
- Arbitrum 12-month growth: approximately +204.2%, the fastest growth in the top 10.
- USDC on Arbitrum: $2.20 billion, around 55% of Arbitrum’s stablecoin supply.
Which L2 has the most stablecoin liquidity?
Base has the most stablecoin liquidity among Ethereum L2s at $4.74 billion, driven almost entirely by USDC. Arbitrum sits second at $3.97 billion with approximately +204.2% year-over-year growth, the strongest expansion trajectory in the L2 set. Polygon trails on the per-chain aggregate at $3.41 billion.
Hyperliquid L1 Stablecoin Statistics
- Hyperliquid L1 stablecoin supply: $5.51 billion on 2026-05-17.
- Hyperliquid’s share of the total stablecoin market: 1.75%.
- USDC on Hyperliquid: $5.17 billion, representing 6.7% of USDC’s global supply.
- Hyperliquid USDC share of chain supply: approximately 94% of Hyperliquid’s stablecoin balance.
| Hyperliquid L1 metric | Value |
|---|---|
| Total stablecoin supply | $5.51 billion |
| USDC share | $5.17 billion (6.7% of global USDC) |
| Global market share | 1.75% |
Source: DefiLlama
Hyperliquid is the rarest chain composition in the top 10. One application’s settlement flow accounts for almost all of its dollar liquidity, the cleanest test case for monolithic chain growth.
What is Hyperliquid’s stablecoin market share?
Hyperliquid L1 holds 1.75% of the global stablecoin market cap at $5.51 billion, fifth among all chains tracked by DefiLlama. USDC composes 6.7% of its global supply on Hyperliquid. The chain ranks ahead of Base and Arbitrum on stablecoin supply, a structural shift driven by perpetual-trading collateral demand.
USDT Distribution Across Chains Statistics
- USDT global supply: $189.70 billion on 2026-05-17.
- USDT on Tron: $88.41 billion (46.6% of supply).
- USDT on Ethereum: $82.91 billion (43.7% of supply).
- USDT on BSC: $9.18 billion (4.8% of supply).
- USDT on Solana: $2.52 billion (1.3% of supply).
- USDT on Arbitrum: $0.97 billion (0.5% of supply).
- USDT is authorized on 16 distinct networks per Tether’s Transparency disclosure.
USDC Distribution Across Chains Statistics
- USDC global supply: $77.05 billion on 2026-05-17.
- USDC on Ethereum: $50.77 billion (65.9% of supply).
- USDC on Solana: $7.68 billion (10.0% of supply).
- USDC on Hyperliquid L1: $5.17 billion (6.7% of supply).
- USDC on Base: $4.32 billion (5.6% of supply).
- USDC on Arbitrum: $2.20 billion (2.9% of supply).
- USDC is natively issued on more than 15 blockchains per Circle’s Multichain USDC roster.
Decentralized Stablecoin Chain Distribution Statistics
- USDS (Sky Dollar) global supply: $8.80 billion, with 94.3% on Ethereum.
- DAI (MakerDAO) global supply: $4.62 billion, with 80.5% on Ethereum and 16.5% on Polygon.
- USDe (Ethena) global supply: $4.35 billion, with 60.3% on Ethereum, 13.0% on Solana, and 9.3% on MegaETH.
- USD1 (World Liberty Financial) global supply: $4.53 billion, with 40.3% on BSC, 39.7% on Ethereum, and 19.2% on Solana.
- Decentralized stablecoins collectively concentrate on Ethereum because the underlying collateral pools and oracle infrastructure originated there.
| Decentralized stablecoin | Supply | Top chain | Top chain share |
|---|---|---|---|
| USDS | $8.80 billion | Ethereum | 94.3% |
| DAI | $4.62 billion | Ethereum | 80.5% |
| USD1 | $4.53 billion | BSC | 40.3% |
| USDe | $4.35 billion | Ethereum | 60.3% |
Source: DefiLlama
The takeaway: USDS issues 94.3%, DAI 80.5%, and USDe 60.3% of supply on Ethereum. Across the data CoinLaw has tracked, oracle and collateral plumbing migrates more slowly than transactional volume. New stablecoins ship multi-chain at launch; the legacy decentralized cohort stays Ethereum-anchored.
Tokenized Treasury Stablecoin Chain Statistics
- BUIDL (BlackRock) global supply: $3.23 billion.
- BUIDL chain split: Ethereum $1.18 billion (36.7%), Solana $0.72 billion (22.3%), Aptos $0.56 billion (17.3%), BSC $0.51 billion (15.8%), Avalanche $0.19 billion (5.8%).
- USYC (Circle) global supply: $2.97 billion, with 96.3% on BSC.
- USDG (Global Dollar) global supply: $2.91 billion, with 53.7% on X Layer and 26.0% on Solana.
- Tokenized treasury issuers favor multi-chain deployment because institutional buyers route through different rail providers per jurisdiction.
| Tokenized treasury | Supply | Lead chain | Lead chain share |
|---|---|---|---|
| BUIDL | $3.23 billion | Ethereum | 36.7% |
| USYC | $2.97 billion | BSC | 96.3% |
| USDG | $2.91 billion | X Layer | 53.7% |
Source: DefiLlama
Year-Over-Year Stablecoin Chain Growth Statistics
- Total global stablecoin market cap: $321.30 billion on 2026-05-17, up from $243.17 billion one year earlier.
- Global 12-month growth: approximately +32.1%.
- Two-year growth from 2024-05-17: from $160.30 billion to $321.30 billion, approximately +100.4%.
- Ethereum 12-month growth: approximately +32.8%, matching the global market.
- Tron 12-month growth: approximately +21.0%, below the global market.
- BSC 12-month growth on per-chain view: approximately +86.3%.
- Arbitrum 12-month growth: approximately +204.2%, the fastest in the top 10.
Stablecoin Chain Concentration and Regulatory Implications Statistics
- Ethereum and Tron together hold 80.49% of the global stablecoin market.
- Tether discloses authorized issuance on 16 distinct networks.
- Circle issues native USDC on more than 15 blockchains, plus Cross-Chain Transfer Protocol routing.
- BSC’s stablecoin concentration includes $2.86 billion in USYC (96.3% of its global supply), a single-chain dependency for one tokenized treasury issuer.
- Decentralized issuance remains Ethereum-anchored: USDS issues 94.3%, DAI 80.5%, and USDe 60.3% on Ethereum.
Chain-level concentration data is the operative variable for any stablecoin rule the SEC, OCC, or Treasury writes.
Could the chain concentration shift in the next 12 months?
Shifts may come from three vectors: Solana tracking the broader market growth rate, BSC’s USYC and USD1 density sensitive to US stablecoin legislation, and Arbitrum’s CCTP v2 trajectory.
The two-year doubling of the global stablecoin market from $160.30 billion to $321.30 billion reflects cumulative growth without loosening chain concentration.
Common Questions
How much of the total stablecoin supply is on Ethereum?
Ethereum holds 52.01% of the global stablecoin market, or $163.95 billion of the $321.30 billion total. The chain hosts the largest concentration of USDC (65.9% of its supply), USDS (94.3%), DAI (80.5%), and USDe (60.3%). USDT runs 43.7% of its issuance on Ethereum as well.
Which Layer 2 has the most stablecoin liquidity?
Base has the most stablecoin liquidity among Ethereum L2s at $4.74 billion, with USDC representing approximately 91% of its supply. Arbitrum follows at $3.97 billion with approximately +204.2% year-over-year growth, the fastest expansion in the top 10. Polygon trails on the chain-aggregate view at $3.41 billion.
Conclusion
Stablecoin market share by chain concentrates on two networks: Ethereum at $163.95 billion and Tron at $89.79 billion, which together account for 80.49% of the $321.30 billion total. The chain-level data corrects a common framing that stablecoin growth is spreading across new ecosystems. Across DefiLlama’s 199 tracked chains, the top 5 still capture 91.44% of supply, and the fastest growth (Arbitrum’s approximately +204.2%, BSC’s approximately +86.3%) reshuffles ranks 4 through 10 rather than displacing Ethereum or Tron.
Chain selection by issuers, not by users, drives most variance in this dataset.
