Stablecoin Ecosystem Panorama: Competition Among Public Chains Becomes Intensely Fierce

In 2025, stablecoins have become one of the most关注的 fields in the cryptocurrency market. As of May 22, the total market capitalization of stablecoins has exceeded $245 billion. Behind the rapid growth of stablecoins is the intense competition among various public chains. As one of the main forms of asset accumulation, stablecoins not only reflect changes in asset liquidity but are also an important indicator of the market recognition of public chains.

Ethereum: Relying on USDC to Maintain Half of the Market Share

The market value of Ethereum's stablecoins reached 122.5 billion USD, accounting for 50% of the global stablecoin issuance. Among them, USDT has the highest share, approximately 50%. However, since 2025, the issuance of USDT on Ethereum has decreased by 5.07%, making a certain trading platform the largest public chain for USDT issuance.

At the same time, Ethereum is also the largest public chain for USDC issuance. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. Since October 2024, the issuance of USDC on Ethereum has grown by 46.4%, which has become the main reason for Ethereum to maintain its dominance in the stablecoin market.

A Trading Platform: USDT's Largest Issuing Public Chain, the "Distribution Hub" for US Dollars

The stablecoins on a certain trading platform mainly come from USDT, accounting for over 99%, and it has now become the largest issuing public chain for USDT. The platform holds about 31.3% of the global stablecoin market share. According to data from the platform, the daily average trading volume of USDT on this platform reaches around 2.4 million transactions, while Ethereum only has 284,000.

In terms of transaction volume, the network processes an average of $20 billion worth of USDT transfers daily, accounting for nearly 29% of the global stablecoin transaction volume. In terms of user activity, more than 1 million unique accounts conduct USDT transactions daily, representing 28% of all active stablecoin wallet addresses on the blockchain.

In terms of growth trends, the platform's USDT supply increased from $48.8 billion in 2024 to $59.7 billion. In 2025, an additional $18 billion of USDT will be issued, bringing the total supply to $77.7 billion. This is mainly attributed to the platform's low fees and high transaction speeds, making it the preferred network for a large number of USDT transactions, particularly favored by retail users and emerging markets.

Solana: The Acceleration Engine Under High TPS

As the most popular public chain in the past two years, the stablecoins on the Solana chain have also seen significant growth. From 1.8 billion dollars at the beginning of 2024, it increased to a peak of 13.1 billion dollars in May, a growth rate of 627%. Although the current total market value is about 11.4 billion dollars, which still has a significant gap compared to certain trading platforms and Ethereum, Solana has become an emerging force in the stablecoin field that cannot be ignored.

USDC is the preferred stablecoin on Solana, accounting for 73% of the market share. USDT accounts for about 20%. A stablecoin issued by a certain payment company has a market cap of about $200 million on the Solana chain, second only to Ethereum, with a market share of about 24.36%. Solana is becoming one of the preferred choices for many new types of stablecoins.

A certain trading platform: Zero Gas and USD1 dual drive

As of May 2025, a certain trading platform accounts for approximately 2.4% of the global stablecoin market share. The market value of the stablecoins on this chain has grown from $4 billion in 2024 to currently about $10 billion, an increase of approximately 150%. There were two significant growth periods: the first from November 2024 to January 2025, where it increased from $5 billion to $7 billion; the second from the end of April 2025 to May, where it rapidly rose from $7 billion to $9 billion. The first growth may be attributed to a zero gas fee promotion launched by this chain, while the second was driven by the issuance of the USD1 stablecoin on the chain.

Currently, the issuance of USDT accounts for about 59%, while USD1 accounts for about 21%. The proportion of the two stablecoins that the platform previously promoted has decreased to about 3% in total.

According to data platforms, as the popularity of a certain wallet has increased recently, the trading share of stablecoin DEX on that chain has risen from less than 10% in April to 28%, almost equivalent to the share of centralized exchanges. Additionally, in May, the number of transactions on that chain in stablecoins accounted for 38.1% of all chains, ranking first. In terms of cumulative trading volume for USDT, at $358 billion, it is only lower than a certain trading platform and Ethereum.

Base: The Growth Champion Empowered by a Trading Platform

Base, as an Ethereum L2 incubated by a certain trading platform, has achieved significant growth in various aspects during this cycle. In terms of stablecoin market capitalization, Base increased from $177 million in January 2024 to $4.09 billion, with a growth rate of 2210%, making it the largest increase among the top five public chains by stablecoin market capitalization.

USDC is the most mainstream stablecoin on the Base chain, accounting for 97.8%. Base is also the public chain with the highest cumulative trading volume for USDC, aside from Ethereum.

Hyperliquid: A New Vault for Derivatives Whales

As a new battleground for whales, Hyperliquid, although launched not long ago, has shown tremendous potential. Within less than half a year, its stablecoin market value reached $3.26 billion, surpassing established public chains like Arbitrum, Polygon, and Avalanche.

From an ecological application perspective, Hyperliquid, as a decentralized derivatives exchange, primarily uses USDC as the trading object. Therefore, USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. It is worth noting that Hyperliquid has recently introduced feUSD, USDT, and USDe as new types of stablecoins, opening up new ports for the application of public chain ecology.

Arbitrum: Incentive Suspension Causes Plunge

As a highly regarded Ethereum L2, Arbitrum's stablecoin market value has experienced significant fluctuations during this cycle. Throughout 2024, Arbitrum's stablecoin market value grew from $2 billion to a peak of $6.9 billion. However, at the beginning of 2025, it experienced a sharp drop, quickly falling to $2.73 billion in January, with a single-day outflow of $2 billion on January 2.

This significant decline may be attributed to three reasons: first, the termination of the previous round of incentives on December 17, resulting in a one-time "disruption" of liquidity subsidies for about 50 protocols, as market-making funds concentrated on withdrawal after the rewards expired. Second, a company announced that it will migrate USDT on Arbitrum to a new cross-chain standard starting January 29. Third, high-yield competitive chain deposit contracts promise 5% annualized returns + airdrop points for USDC/USDT, continuously attracting L2 assets.

Polygon: USDC Migration and Payment Testbed

Since 2024, the market value of Polygon stablecoin has risen from 1.26 billion to about 2.15 billion USD, an annual increase of nearly 70%. The key driving force comes from the launch of a certain company's native USDC and major players like a certain payment company piloting fiat and stablecoin settlements on the PoS chain, bringing enterprise-level growth.

Currently, the stablecoin share on the Polygon chain is dominated by USDT and USDC, accounting for 40.79% and 47% of the market, respectively.

Avalanche: Fee reduction fails to achieve explosive growth

The growth of Avalanche over the past year has been lackluster. Although the overall market value of stablecoins has increased by 79%, it has stagnated somewhat since May 2024, fluctuating between $1 billion and $2 billion. By the end of 2024, the Avalanche 9000 upgrade reduced the base fees on the C-Chain by 96%, significantly lowering the costs of small stablecoin transfers and batch settlements. However, this positive news did not sustain momentum for Avalanche; perhaps only an overall increase in ecosystem activity can truly drive the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of stablecoins on Aptos will surpass $1 billion for the first time in the first quarter of 2025, with an increase of 2408% since 2024, making it one of the fastest-growing public chains. As a public chain in the MOVE ecosystem, Aptos and Sui are emerging competitors. The stablecoins on the Aptos chain are mainly composed of USDT and USDC, with USDT accounting for about 62.39% and USDC for about 32%. Considering that the native USDC only started to go live on Aptos in January 2025, this growth progress has already been quite rapid.

Sui: A High-Growth Chain with 230x Growth

The growth of Sui's stablecoin is the largest among all public chains. At the beginning of 2024, the market value of stablecoins on the Sui network was only around $5 million, and by May 2025, it grew to $1.156 billion, an increase of 230 times. Currently, USDC is the most widely issued stablecoin on the Sui network, accounting for about 75%.

However, the current size of the stablecoin in the Sui ecosystem is still not very large, and the variety of issues is also relatively few. How to attract more large funds to enter is the main growth issue facing the Sui ecosystem. An incident that occurred on May 22 will also shake its security performance to some extent, presenting both opportunities and concerns.

TON: Growth Support from a Certain Social Platform is Weak

As a newcomer to the battlefield in 2024, TON has also achieved rapid growth in just one year. In April 2024, a certain company announced the simultaneous issuance of USDT and XAUT on the TON chain, becoming its 15th supported network with the goal of bringing the 900 million users of a certain social platform directly into the on-chain USD payment ecosystem. After the launch, wallets and various trading bots were quickly integrated, allowing new users to receive and pay USDT using their phone numbers with zero barriers. This laid the foundation for the growth of stablecoins in the TON ecosystem. By June 2024, the issuance of USDT on TON reached 519 million USD.

However, the stablecoin growth of the TON ecosystem started to decline after a rapid increase in a short period, currently dropping from 1.4 billion dollars at the beginning of the year to around 900 million dollars. This may be related to the lack of significant hotspots in the TON ecosystem after the click mini-games.

Conclusion

Currently, the competition landscape for stablecoins on public chains is still changing rapidly. Although public chains like Ethereum still have a significant first-mover advantage, the rise of several popular public chains such as Solana is gradually eating into the leading market share. The issuance of new stablecoins is no longer limited to Ethereum. The MOVE ecological public chains of Apots and Sui, as newer public chains, have a clear advantage in growth despite their shorter stablecoin minting time.

It is foreseeable that the competition for stablecoins will become more intense. For established public chains, there is dual pressure to maintain market share while continuing to grow. For new public chains, it is a rapid expansion period marked by the wild growth of the market. As stablecoin regulations gradually take shape around the world, the story of stablecoins is just beginning.