2025 Stablecoin Market Analysis: Public Chain Competitive Landscape and Development Trends

In 2025, stablecoins have become one of the most prominent areas of the crypto market. As of May 22, the total market capitalization of stablecoins has surpassed $245 billion, showcasing immense growth potential. Behind this growth, major public chains are fiercely competing for market share. Stablecoins are not only an important indicator of asset liquidity but also a key factor in measuring the recognition of public chain markets. This article will conduct an in-depth analysis of the stablecoin data of the top 12 public chains to outline the overall picture of public chain stablecoin development.

Ethereum: USDC Growth Boosts Market Dominance

The market value of Ethereum's stablecoins has reached 122.5 billion USD, accounting for 50% of the total stablecoin issuance. Among them, USDT remains dominant, with a proportion of about 50%. However, since 2025, the issuance of USDT on Ethereum has shown a downward trend, decreasing by 5.07% as of May 21. This change has led TRON to surpass Ethereum, becoming the largest public blockchain for USDT issuance.

Nevertheless, Ethereum remains 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%, making it a key factor in Ethereum's dominance in the stablecoin market.

TRON: USDT has the largest issuance and leads in trading activity

Tron's stablecoin mainly comes from USDT, accounting for over 99%, and has now become the largest issuing public chain for USDT. Tron's market share in the global stablecoin market is approximately 31.3%. Data shows that Tron's average daily trading volume of USDT reaches 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

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

The supply of USDT on TRON is expected to grow rapidly from $48.8 billion in 2024 to $77.7 billion in 2025. This is mainly due to TRON's low fees and high transaction speeds, making it the preferred network for a large volume of USDT transactions, especially favored by retail users and emerging markets.

Solana: A New Force of Stablecoins in High-Performance Public Chains

As one of the hottest public chains in the past two years, Solana has also achieved significant growth in the stablecoin sector. It increased from $1.8 billion at the beginning of 2024 to $11.4 billion by May 2025, a growth rate of 533%. Although there is still a gap compared to Ethereum and TRON, Solana has become an emerging force in the stablecoin field that cannot be ignored.

USDC is the dominant stablecoin on Solana, accounting for 73% of the market share, while USDT accounts for about 20%. Notably, PYUSD issued by PayPal has a market cap of $200 million on the Solana chain, accounting for about 24.36%, second only to Ethereum. This indicates that Solana is becoming one of the preferred choices for new stablecoins.

BSC: Zero Gas Fees and USD1 Dual-Driven Growth

By May 2025, BSC will account for 2.4% of the global stablecoin market share. The market value of stablecoins on the BSC chain has grown from $4 billion in 2024 to about $10 billion currently, an increase of 150%. This growth is mainly attributed to two factors: first, the zero gas fee campaign launched at the end of 2024, and second, the issuance of the USD1 stablecoin on the BSC chain.

Currently, the issuance proportion of USDT on BSC is about 59%, while USD1 accounts for approximately 21%. It is worth noting that the proportion of BUSD and FUSD, which were previously heavily promoted on BSC, has declined to a combined 3%. Recently, with the increasing popularity of the Binance wallet, the proportion of stablecoin DEX trading on the BSC chain has risen from less than 10% in April to 28%, almost on par with centralized exchanges.

Base: Rapid growth supported by Coinbase

As an Ethereum L2 incubated by Coinbase, Base has performed remarkably in the stablecoin sector. Its stablecoin market cap grew from $177 million in January 2024 to $4.09 billion, a growth rate of 2210%, making it the largest increase among the top five public chains by stablecoin market cap.

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

Hyperliquid: The Emerging Force in Derivatives Trading

Despite its short launch time, Hyperliquid has shown tremendous potential. In just six months, its stablecoin market value has reached $3.26 billion, surpassing established public chains such as Arbitrum, Polygon, and Avalanche.

As a decentralized derivatives exchange, Hyperliquid primarily uses USDC as the trading medium, accounting for as much as 97.8%. Recently, Hyperliquid has also added stablecoins such as feUSD, USDT, and USDe, expanding the possibilities for ecological applications.

Arbitrum: Adjustment Period After the Incentive Program Ends

As a highly regarded Ethereum L2, Arbitrum's stablecoin market cap experienced significant fluctuations in 2024. After growing from $2 billion to a peak of $6.9 billion, it quickly dropped to $2.73 billion at the beginning of 2025. This sharp decline was primarily due to three factors: the end of the incentive program, the migration of USDT to a new cross-chain standard, and the emergence of the high-yield competing chain Blast.

Polygon: USDC Migration and Payment Innovation

As of 2024, the market capitalization of Polygon's stablecoin has increased from 1.26 billion to approximately 2.15 billion USD, a growth of nearly 70%. This growth is mainly attributed to the launch of Circle's native USDC, as well as the pilot projects for fiat and stablecoin settlements on PoS chains by financial giants such as Visa and Mastercard.

Currently, the stablecoins on the Polygon chain are primarily dominated by USDT and USDC, which account for 40.79% and 47% of the market share, respectively.

Avalanche: Growth Continues After Reduced Fees

Avalanche's growth over the past year has been relatively stable, with the market value of stablecoins increasing by 79%. The Avalanche 9000 upgrade at the end of 2024 significantly reduced base fees, but this positive news does not seem to have led to explosive growth. The market value of Avalanche's stablecoins still fluctuates between 1 billion and 2 billion dollars.

Aptos: A New Star in the Move Ecosystem

The total market value of stablecoins on Aptos surpassed 1 billion USD for the first time in the first quarter of 2025, marking a growth of 2408% since 2024, making it one of the fastest-growing public chains. As a representative of the MOVE ecosystem, stablecoins on the Aptos chain are mainly composed of USDT (62.39% share) and USDC (32% share).

Sui: A Rapidly Growing Emerging Public Chain

The growth of Sui's stablecoin is the most significant, increasing from 5 million USD at the beginning of 2024 to 1.156 billion USD in May 2025, a growth rate of 230 times. USDC is the main stablecoin on the Sui network, accounting for about 75%. Despite rapid growth, the volume and variety of stablecoins in the Sui ecosystem still need to be improved.

TON: Steady Development Supported by Social Interaction

As a new contender in the stablecoin competition in 2024, TON has achieved rapid growth in a short period of time. Thanks to Telegram's user base of 900 million, the issuance of USDT on TON reached $519 million by June 2024. However, since 2025, the market value of stablecoins in the TON ecosystem has declined, dropping from $1.4 billion at the beginning of the year to around $900 million.

Conclusion

The competition landscape for public chain stablecoins is changing rapidly. Although Ethereum, Tron, and other public chains still maintain their leading advantages, emerging public chains like Solana and BSC are gradually eating into market share. MOVE ecosystem public chains like Aptos and Sui, although they started later, are experiencing astonishing growth. As global stablecoin regulations gradually take effect, competition in the stablecoin market will become even more intense, with opportunities and challenges coexisting for each public chain.