Stablecoin Market Share by Chain Statistics 2026: Ethereum Leads

Ethereum holds 48.38% of the world’s $305.607 billion stablecoin supply, according to DefiLlama. Tron holds another 30.82%, which leaves every other network splitting what is left of a market that grew 1.67% over the preceding 30 days. The stablecoin market share by chain statistics below come from a DefiLlama snapshot dated September 6, 2026.

The composition underneath has shifted: Tron’s balance is now 97.97% a single issuer’s token. Hyperliquid L1 has pushed past Base with $7.012 billion, and several of the twenty largest chains hold more bridged-in dollars than natively minted ones. The figures below break the market down by chain, by issuer, by where each token was actually minted, and by which networks are gaining supply fastest.

Key Takeaways

• The two largest chains hold 79.20% of all stablecoin supply between them.
• The five largest chains hold 91.21% of all stablecoin supply between them.
• Tron’s stablecoin float is 97.97% USDT, against 49.67% on Ethereum.
• BSC holds $11.022 billion of bridged-in stablecoins against $2.302 billion issued on the chain itself.
• Ethereum has $167.075 billion of stablecoins issued on it while holding $147.852 billion, so it exports supply to other networks.
• Tether has authorized USDT on Avalanche, of which 82.4% has never been issued.

Editor’s Choice

• Total stablecoin market cap: $305.607 billion across every chain DefiLlama tracks.
• Ethereum stablecoin supply: $147.852 billion, the largest balance of any chain.
• Tron stablecoin supply: $94.198 billion.
• USDT supply across all chains: $183.39 billion, giving Tether 60.01% dominance.
• USDC supply across all chains: $74.721 billion.
• Solana stablecoin supply: $16.367 billion, with USDC at 44.63% of it.

Stablecoin Market Share by Chain Statistics

• DefiLlama tracked $305.607 billion in total stablecoin market cap across all chains it covers.
• Total supply rose $1.717 billion over the prior seven days, a gain of 0.56%.
• The 30-day change across all chains was 1.67%.
• Robinhood Chain held $964.57 million and gained 25.36% in seven days.
• Stellar held $913.82 million, with USDY accounting for 58.58% of that balance.
• Plasma held $912.51 million, and TON held $765.72 million.
• Monad held $751.45 million, and Mantle held $576.12 million.
• Provenance held $497.19 million, of which YLDS accounted for 99.99%.
• OP Mainnet held $493.76 million and gained 5.19% over seven days.
• USDT dominance across the whole stablecoin market stood at 60.01%.

Source: DefiLlama, September 6, 2026

About This Data

Figures come from 14 primary sources captured on September 6, 2026. Those are DefiLlama chain and issuer pages, Tether’s transparency disclosure, Circle’s Q2 2026 results filed with the SEC, and Federal Reserve Bank of New York research. Share percentages are calculated against DefiLlama’s published $305.607 billion total. Supply moves daily, so every percentage carries its snapshot date.

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Which chain has the most stablecoins?

Ethereum has the most stablecoins of any chain, at $147.852 billion, with DefiLlama putting its dominance of total stablecoin supply at 48.38%. Tron ranks second at $94.198 billion, and Solana third at $16.367 billion.

Ethereum Stablecoin Supply and Issuer Mix

• Ethereum’s stablecoin balance stood at $147.851 billion in the DefiLlama snapshot.
• USDT dominance on the chain stood at 49.67%.
• The balance grew $326.2 million over seven days, a 0.22% gain.
• Over 30 days, the change was 0.49%.
• Ondo US Dollar Yield held $1.162 billion on Ethereum.
• Falcon USD held $1.062 billion, and GHO held $642.45 million.
• Usual USD held $548.33 million, and Ethena USDtb held $482.5 million.
• BlackRock USD held $935.63 million on the chain.

No other chain carries this many issuers at meaningful scale, which is why Ethereum reads as so much less concentrated than every network below it.

Recent Developments

• September 2026: Tether reported $183,308,549,307.36 of USD-tether in net circulation across all chains.
• September 2026 (Tempo): Chainlink Data Feeds went live on Tempo.
• August 2026 (Ondo): Ondo’s USDY went live on Tempo.
• August 2026: Circle reported $73.3 billion of USDC in circulation at quarter-end, 19% growth year over year.
• August 2026 (Arc): Circle set the Arc public mainnet launch for September 16 and named BlackRock, DTCC, Mastercard and Visa among its founding third-party validators.
• July 2026: Federal Reserve Bank of New York researchers reported that the market capitalization of U.S. dollar stablecoins had increased by $71 billion, or 30%, since April 2025 to about $308 billion.

Where Stablecoins Are Minted: Native Issuance by Chain

• Ethereum carries $19.223 billion more stablecoins issued on it than it currently holds, and that gap has moved to other networks.
• Only $2.16 million of Ethereum’s stablecoin balance arrived from another chain via a bridge.
• Tron shows just $619.38 of stablecoins bridged in from other networks.
• XRPL had $1.127 billion issued on the chain, and nothing bridged in.
• Stellar had $913.82 million issued on the chain, and nothing bridged in.
• Provenance had $497.19 million issued on the chain, and nothing bridged in.
• X Layer had $1.607 billion of its supply issued natively.
• Avalanche had $1.3 billion issued natively, and Aptos had $1.132 billion.
• Robinhood Chain had $644.58 million issued natively.
• Plasma had $3.66 million issued natively.

Issuance and residence are different questions, and most stablecoin market share by chain statistics conflate the two.

Single-Issuer Dependency Ranked by Chain

• Tron’s second-largest stablecoin, USDD, held $1.191 billion, and its third, A7A5, held $450.65 million.
• Hyperliquid L1’s second-largest stablecoin, USDT, held $110.97 million.
• Base’s second-largest stablecoin, Ethena USDe, held $343.01 million.
• BSC’s second-largest stablecoin, Circle USYC, held $2.58 billion, and USDC held $1.582 billion.
• Solana’s second-largest stablecoin, USDT, held $2.766 billion, and USDGO held $1.355 billion.
• Arbitrum’s second-largest stablecoin, USDT, held $831.29 million.
• Plasma’s second-largest stablecoin, Ethena USDe, held $272.74 million.
• USDC’s presence on Tron amounted to $27.93 million.
• Across the whole market, the two largest issuers accounted for over 80% of industry assets.

Why it matters: A chain where one token is 97.97% of the stablecoin float, as on Tron, inherits that issuer’s redemption terms, freeze policy and reserve composition wholesale. Ethereum sits at 49.66% and Solana at 44.88%, spreading the same exposure across several issuers.

Bridged-In Stablecoin Supply by Chain

• BSC’s stablecoin balance is 82.7% imported rather than minted on the chain.
• Plasma’s balance is 99.6% imported.
• Mantle’s balance is 94.1% imported.
• Polygon’s balance is 73.9% imported.
• OP Mainnet’s balance is 55.6% imported.
• Robinhood Chain’s balance is 33.2% imported.
• Arbitrum sits in the middle at 24.9% imported.
• Hyperliquid L1’s balance is 7.6% imported.

Source: DefiLlama, September 6, 2026

By the numbers: Five of the twenty largest chains hold more bridged-in stablecoins than natively issued ones, led by Plasma at 99.6% imported. At the other end of that spectrum, DefiLlama records only $2.16 million of bridged supply sitting on Ethereum, against $167.075 billion of stablecoins minted there.

USDT Supply by Chain

• Tron carried $92.286 billion of USDT, per DefiLlama’s chain page.
• Ethereum carried $73.433 billion of USDT on the same measure.
• BSC carried $9.184 billion of USDT.
• Solana carried $2.766 billion of USDT.
• Tether’s own disclosure put total USD-tether net circulation at $183,308,549,307.36.
• Tether quarantined $3,698,541.31 of USD-tether on Solana.
• Tether stated it is no longer issuing or obligated to redeem tokens on the Kusama, Bitcoin Cash SLP, Omni Layer, EOS, and Algorand blockchains.
• USDT’s supply across every chain reached $183.39 billion on DefiLlama’s measure.

Tether’s issuer-side figures and DefiLlama’s tracker-side USDT figures do not reconcile exactly, because the two count different things. Both are reported as published rather than blended.

USDC Supply by Chain

• Circle reported $73.3 billion of USDC in circulation at the end of the second quarter of 2026, 19% growth year over year.
• USDC on-chain transaction volume in the quarter was $14.8 trillion, up 151% year over year.
• USDC on Tron amounted to $27.93 million, a rounding error against its Ethereum balance.
• Base held $57.75 million of EURC alongside its dollar stablecoins.
• Arbitrum held $295.01 million of PayPal USD and $282.04 million of USD.AI.
• Solana held $752.47 million of PayPal USD and $582.26 million of Global Dollar.
• Hyperliquid L1’s non-USDC balances were small, with Ethena USDe at $11.53 million and Felix feUSD at $10.11 million.

Tether’s Unissued Inventory by Chain

• Tron carries the smallest unissued overhang of any chain Tether reports, at 2.1% of authorized supply.
• Ethereum sits close behind at 2.3% unissued.
• Solana has 28.0% of its authorized USDT still unissued.
• Aptos has 48.6% unissued.
• Ton has 57.6% unissued.
• Cosmos has 70.0% unissued.
• Celo has 82.2% unissued.
• Near has 88.2% unissued, the widest gap Tether reports.

That chart ranks chains by unissued dollar amount. The table below adds each chain’s total authorized supply and net circulation, the two figures the unissued balance sits between.

Source: Tether transparency disclosure, September 4, 2026

Key finding: Tether pre-authorizes USDT supply on each chain before demand arrives, and the balance it has authorized but never issued is a readable signal of where the issuer expected that demand. Near sits at 88.2% unissued, which puts a number on the gap between an issuer’s expectation and a chain’s realized usage.

Fastest-Growing Chains by 30-Day Stablecoin Supply

• Solana added $560 million of stablecoin supply over seven days, a 3.54% gain.
• Tron added $361.69 million over the same week, a 0.39% gain.
• Hyperliquid L1 added $144.27 million, a 2.1% gain.
• Arbitrum added $34.67 million, a 0.97% gain.
• BSC lost $75.1 million over seven days, a 0.56% decline.
• Base lost $24.81 million, a 0.49% decline.
• Plasma lost $94.9 million over seven days, a 9.42% decline, even while its 30-day balance rose.
• Plasma’s one-day change was a 1.37% gain.

Source: DefiLlama chain pages, September 6, 2026

The ranking inverts against the share ranking: chains holding the most dollars grow slowest. That pattern repeats across our coverage of cross‑border payments, where new rails win share at the edges long before they threaten the incumbent’s core.

Purpose-Built Stablecoin Chains

• Circle reported that Arc had over 100 ecosystem and institutional builders ahead of its mainnet launch.
• Hyperliquid L1 held $8.05 million of USDH, its native stablecoin.
• Monetrix USDM held $2.56 million on Hyperliquid L1 and Hyperbeat USD $1.88 million.
• Plasma held $57.87 million of Yuzu USD and $3.35 million of Bilira.
• Tempo expanded its onchain yield offering with BlackRock’s BUIDL fund on July 29, 2026.
• Tempo said on August 3, 2026, that it plans to support BlackRock’s GENIUS-compliant money market fund BRSRV.
• BlackRock is expected to deploy BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, on Arc.
• DTCC will enable tokenization of Depository Trust Company-custodied assets on Arc.

Source: DefiLlama, September 6, 2026

Most of these networks did not exist as stablecoin venues two years ago. Their combined balance is still small against the stablecoin market, but the direction of travel is the part worth watching.

Stablecoin Market Share by Issuer

• BlackRock USD held $2.815 billion across all chains, and Circle USYC held $2.407 billion.
• Ondo US Dollar Yield held $2.199 billion and USDD $1.475 billion.
• USDGO held $1.355 billion and United Stables $1.276 billion.
• Falcon USD held $1.176 billion and GHO $698.41 million.
• Usual USD held $548.46 million across all chains.
• USDC’s attested reserves consist primarily of cash and short-term U.S. government securities.
• Corporate bonds, gold bars, Bitcoin, secured loans, and other investments accounted for nearly 24% of USDT’s attested reserves.

Worth noting: Issuer share and chain share move together but not in lockstep. Tether’s 60.01% dominance rests heavily on one network, while USD Coin’s $74.721 billion spreads across Ethereum, Solana, Hyperliquid L1, Base and Arbitrum. Concentration measured by issuer understates how concentrated the rails underneath are.

What is the market share of stablecoins?

Within the stablecoin market itself, Tether holds 60.01% dominance with $183.39 billion outstanding, and USD Coin follows at $74.721 billion. Across the industry, the two largest issuers account for over 80% of assets. No third issuer is close.

What are the top 5 stablecoins?

The five largest stablecoins by supply are Tether at $183.39 billion and USD Coin at $74.721 billion. Sky Dollar follows at $6.588 billion, DAI (MakerDAO) at $4.807 billion, and Ethena USDe at $4.351 billion. Decentralized stablecoins occupy the third through fifth places, well behind the two fiat-backed leaders.

What stablecoins are backed by the U.S. dollar?

Stablecoins are digital assets whose value is pegged to that of a fiat currency, typically the U.S. dollar at a peg of $1.00 per token. The largest dollar-pegged tokens are Tether and USD Coin. The GENIUS Act, passed in July 2025, established the first federal regulatory framework for payment stablecoins.

Layer-2 Stablecoin Supply

• Base’s stablecoin balance was $4.991 billion, with USD Coin dominance at 85.06% on its own chain page.
• Arbitrum’s balance was $3.6 billion, with USD Coin dominance at 61.53%.
• Arbitrum held $99.73 million of Sky Dollar and $77.34 million of Multipli rwaUSDi.
• Base held $147.22 million of Multipli rwaUSDi and $75.79 million of Cygnus Finance Global USD.
• Arbitrum’s 30-day change was 4.4%, against 1.87% for Base.
• Mantle’s balance was $576.12 million and OP Mainnet’s $493.76 million.
• Dai on Arbitrum had fallen to $15.24 million.

Source: DefiLlama, September 6, 2026

Is XRP a type of stablecoin?

XRP is not a stablecoin. It is the XRP Ledger’s native asset, and its price floats rather than tracking a fiat peg. The stablecoins that live on the XRP Ledger are separate tokens: XRPL held $1.127 billion of stablecoin supply, with Ripple USD accounting for 91.28% of it.

All of XRPL’s stablecoin balance was issued on the ledger itself, with nothing bridged in. Ripple USD also runs on Ethereum, where it held $1.377 billion.

Conclusion

Ethereum’s 48.38% share of the $305.607 billion stablecoin market and Tron’s $94.198 billion balance define a market where two networks carry the overwhelming majority of dollar liquidity. The composition beneath those headline shares is what has changed: one chain runs on a single issuer, another spreads across a dozen, and several of the largest balances were never minted where they now sit.

The growth ranking points the other way from the share ranking. Purpose-built settlement networks are compounding from small bases while the incumbents grow at low single digits, and issuers are pre-positioning inventory on chains that have not yet earned it. Our tracking of the global stablecoin market suggests the concentration at the top holds, but the interesting movement has shifted to the tier below.