Major Changes in the Public Chain Stablecoin Landscape: New Forces Rising, Established Giants Facing Challenges

In 2025, stablecoins became the focus of the cryptocurrency market. As of May 22, the total market capitalization of stablecoins surpassed $245 billion, making it the main battleground for competition among public chains. As one of the main forms of asset accumulation, stablecoins are not only indicators of asset liquidity changes but also measure the market recognition of public chains. Analyzing the stablecoin data of the top 12 public chains can outline a panoramic view of the development of public chain stablecoins.

Ethereum: USDC Growth Becomes Guardian of Half the Market

The market value of Ethereum's stablecoin is 122.5 billion USD, accounting for 50% of all stablecoin issuance. USDT remains its largest stablecoin, accounting for about 50%. However, since 2025, the issuance of USDT on Ethereum has decreased by 5.07%, making a certain public chain the largest issuer of USDT.

USDC has performed remarkably on Ethereum. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. It has grown by 46.4% in six months, becoming the mainstay of stablecoins on Ethereum.

A Public Chain: The Largest Issuer of USDT, the "Distribution Hub" for US Dollars

99% of the stablecoins on a certain public chain come from USDT, making it the largest issuing public chain for USDT, accounting for 31.3% of the global stablecoin market. The daily trading volume of USDT on this chain is 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

Daily transactions of approximately 20 billion USDT account for nearly 29% of the global stablecoin transaction volume. Active accounts exceed 1 million, representing 28% of all active blockchain stablecoin wallets.

In terms of growth, the supply of USDT on this chain increased from 48.8 billion dollars in 2024 to 77.7 billion dollars. Low fees and high speed make it the preferred choice for USDT transactions, especially favored by retail investors and emerging markets.

In addition, the founder of the chain collaborates with the Trump family, adding possibilities for the future of its stablecoin. The WLFI project plans to issue a USD stablecoin, USD1, on the chain. The founder also revealed hopes to achieve free transfers, but specific plans have not yet been announced.

Solana: The Growth Engine Under High TPS

The Solana stablecoin increased from 1.8 billion USD at the beginning of 2024 to a peak of 13.1 billion USD in May, a growth of 627%. Although its total market capitalization of 11.4 billion USD still lags behind leading public chains, considering that its DEX trading volume has surpassed that of Ethereum, there is still room for improvement in the adoption of stablecoin applications.

USDC is the preferred stablecoin on Solana, accounting for 73% of the market share. USDT accounts for 20%. PayPal's PYUSD has a market value of 200 million USD on Solana, second only to Ethereum. Solana has become one of the top choices for new stablecoins.

Some Trading Platform Chain: Zero Gas and USD1 Dual Drive

As of May 2025, a certain trading platform's chain accounts for 2.4% of the global stablecoin market. Its stablecoin market value increased from 4 billion USD in 2024 to 10 billion USD, marking a growth of 150%. There were two significant growth periods: from November 2024 to January 2025 (from 5 billion to 7 billion USD) and from the end of April 2025 to May (from 7 billion to 9 billion USD), which were driven by zero Gas fee activities and the issuance of USD 1.

USD1 issued on the chain reached 2.1 billion USD, accounting for 99.26%. USDT accounts for 59%, and USD1 accounts for 21%. The proportion of original stablecoins on the chain has decreased to around 3%.

The latest data shows that the market share of stablecoin DEX trading on the chain has risen from less than 10% in April to 28%, comparable to centralized exchanges. In May, the number of transactions accounted for 38.1% of all chains, ranking first. The cumulative trading volume of USDT reached $358 billion, second only to a certain public chain and Ethereum.

Base: The growth champion empowered by a trading platform

Base, as an Ethereum L2 incubated by a trading platform, saw its stablecoin market value increase from $177 million on January 1, 2024, to $4.09 billion, a growth of 2210%, making it the largest increase among the top five public chains.

USDC is the mainstream stablecoin on Base, accounting for 97.8%. Base is also the public chain with the largest cumulative trading volume of USDC outside of Ethereum.

Hyperliquid: The New Vault for Derivatives Whales

As an emerging gaming platform, Hyperliquid's stablecoin market cap reached $3.26 billion within six months, surpassing several established public chains. USDC accounts for 97.8%, primarily used for derivatives trading.

Recently, Hyperliquid added stablecoins such as feUSD, USDT, and USDe. Although the volume is not large, it opens up new avenues for ecological applications.

Arbitrum: Significant Drop After Incentives End

The market value of Arbitrum stablecoin will rise from 2 billion USD in 2024 to 6.9 billion USD, then sharply drop to 2.73 billion USD in early 2025. On January 2, a single-day outflow of 2 billion USD.

Reasons for the decline: The termination of incentives on December 17 led to the withdrawal of market-making funds; Tether announced the migration of USDT to a new standard; high-yield competitive chains attracted assets.

Polygon: USDC Migration and Payment Experiment

The market value of Polygon stablecoin has increased from 1.26 billion to 2.15 billion USD, a rise of nearly 70%. The growth momentum comes from the native USDC landing and pilot settlements by large payment companies.

USDT and USDC account for 40.79% and 47% of the market share, respectively.

Avalanche: Reduced Fees Did Not Bring Explosive Growth

The market value of Avalanche stablecoin increased by 79%, but the growth is slowing down. Although the upgrade at the end of 2024 will reduce the base fee by 96%, it has not been able to sustain momentum. Perhaps an overall increase in ecological activity is needed to drive the development of stablecoins.

Aptos: The Dark Horse of the Move Ecosystem

Aptos stablecoin market capitalization has surpassed 1 billion USD for the first time, with an increase of 2408%. USDT accounts for 62.39%, while USDC accounts for 32%. The native USDC was launched in January this year and has grown rapidly.

Sui: The Newcomer with 230x Growth

The market value of Sui stablecoin has increased from 5 million USD to 1.156 billion USD, a growth of 230 times. USDC accounts for 75%.

The development faces challenges in attracting large capital and ensuring security, with opportunities and risks coexisting.

TON: Social Support Growth After Decline

The TON stablecoin has experienced a rapid increase followed by a decline, dropping from $1.4 billion at the beginning of the year to $900 million. The lack of new hotspots may affect growth.

Conclusion

The competition landscape for public chain stablecoins is changing rapidly. Established public chains are facing dual pressures of market maintenance and growth, while new public chains are entering a period of rapid expansion. With the global stablecoin legislation being implemented, competition in the stablecoin sector will become even more intense, and future developments are worth looking forward to.