Original Article Title: "A Comprehensive Review of 12 Public Chain Stablecoin Ecosystems: SUI Growing the Fastest, USDT on Tron Surpasses Ethereum"

Original Article Author: Frank, PANews

By 2025, stablecoins have become the most prominent area in the crypto market, with the total market value of stablecoins exceeding $245 billion as of May 22. Behind the rapid growth of stablecoins lies a battlefield where various public chains are silently competing. As one of the primary forms of asset precipitation, stablecoins serve not only as an indicator of asset liquidity but also as a crucial measure of a public chain's market acceptance. PANews has analyzed the stablecoin data of the top 12 public chains to outline the panorama of public chain stablecoin development.

Ethereum: Maintaining its Dominance in Growth Through USDC

Ethereum's stablecoin market value is $1.225 trillion, accounting for 50% of all stablecoin issuance. The most dominant stablecoin on Ethereum is still USDT, accounting for approximately 50% of the total. However, from the perspective of USDT, Ethereum's issuance has seen a decline since entering 2025. According to PANews' statistics, USDT's issuance on the Ethereum chain grew by 83.1% throughout 2024. However, as of May 21 in 2025, Ethereum's USDT issuance has decreased by 5.07%. This shift has directly propelled Tron to become the largest issuing public chain for USDT.

In addition to USDT, Ethereum is also the largest issuing public chain for USDC. As of May 22, USDC's issuance on Ethereum has reached 36.9 billion tokens, accounting for 60.82% of Ethereum's issuance. In October 2024, USDC's issuance on Ethereum was only $25.2 billion, showing a growth of 46.4% in about half a year. The significant growth of USDC has also been a key factor in Ethereum's ability to maintain its stablecoin dominance.

Tron: Largest Issuing Public Chain for USDT, the Busiest On-chain Dollar "Port of Entry"

Tron's stablecoins mainly come from USDT, accounting for over 99%, making it the largest issuing public chain for USDT. Tron holds approximately 31.3% of the global stablecoin market share. According to CryptoQuant's data, Tron's average daily USDT transaction volume is around 2.4 million transactions, while Ethereum's is only 284,000.

In terms of transaction volume, the Tron network processes an average daily value of $20 billion USDT transfers, accounting for nearly 29% of the global stablecoin transaction volume. In terms of user activity, there are over 1 million unique accounts transacting USDT on the Tron blockchain daily, representing 28% of all active stablecoin wallet addresses on any blockchain.

In terms of growth trends, the supply of USDT on Tron has increased from $48.8 billion in 2024 to $59.7 billion. In 2025, Tether issued an additional $18 billion USDT on Tron, bringing the total supply of USDT on Tron to $77.7 billion. The low fees and high transaction speeds of Tron have made it the preferred network for a large portion of USDT transactions, especially favored by retail users and emerging markets.

Additionally, due to Tron's founder Justin Sun's close collaboration with the Trump family, there are more possibilities for Tron's stablecoin future. In May, ZackWitkoff, co-founder of the Trump family project WLFI (World Liberty Financial), announced that the USD1 stablecoin issued by WLFI will also be native to the Tron blockchain. Sun also revealed in January of this year that he hopes to significantly reduce transaction fees and eventually achieve free transactions. However, the next steps of this plan have not been disclosed as of now.

Solana: The Accelerator Under High TPS

As the most popular public chain in the past two years, stablecoins are also a significant option for growth on the Solana blockchain. From a mere $1.8 billion in 2024 to a peak of $13.1 billion in May, the growth rate reached 627%. In terms of both volume and growth rate, Solana is an emerging force in the stablecoin field that cannot be ignored.

Of course, Solana's current total stablecoin market value is about $11.4 billion, which still lags behind Tron and Ethereum, especially with over a 10x difference compared to Ethereum. However, considering that Solana's DEX trading volume has already surpassed Ethereum while the stablecoin issuance is significantly lower than Ethereum, the overall application level of stablecoins in Solana's ecosystem is still relatively low.

Internally, USDC is the preferred stablecoin on Solana, holding a 73% market share on Solana. USDT accounts for approximately 20% of the stablecoin market on Solana. The PYUSD issued by PayPal on Solana currently has a market value of $200 million, ranking second only to Ethereum with a share of around 24.36%. Solana is now one of the top choices for many new stablecoins.

BSC: Zero Gas and USD1 Dual Drive

As of May 2025, BSC accounted for approximately 2.4% of the global stablecoin market share. The stablecoin market value on the BSC chain has experienced several quantum leaps since 2024, growing from $40 billion to the current level of around $100 billion, an increase of about 150%. There were two concentrated growth phases, one from November 2024 to January 2025, increasing from around $50 billion to $70 billion, and the second one at the end of April to May 2025, rapidly rising from $70 billion to $90 billion. The analysis suggests that the first growth phase was likely primarily driven by the zero GAS fee initiative launched on the BSC chain. The second phase was influenced by the issuance of the USD1 stablecoin on the BSC chain. The recently popular USD1 stablecoin currently has 99.26% of its circulation on the BSC chain, with a total circulation of around $21 billion.

Meanwhile, the combined share of BUSD and FUSD, which BSC previously focused on, has decreased to around 3%. USDT accounts for about 59% of the issuance, while USD1 accounts for around 21%. Visa Onchain Analytics data shows that with the recent rise in popularity of the Binance Wallet, the stablecoin DEX trading volume on the BSC chain has increased from less than 10% in April to 28%, almost matching the share of centralized exchanges.

In addition, in May, BSC accounted for 38.1% of all chain stablecoin transaction volume, ranking first. In terms of USDT cumulative transaction volume, BSC ranks third at $358 billion, only behind Tron and Ethereum. In the stablecoin arena, BSC and Solana have become the most competitive new forces.

Base: Coinbase-Empowered Growth Champion

Base, as an Ethereum L2 incubated by Coinbase, has seen significant growth in all aspects during this period, including in the stablecoin field. In terms of stablecoin market value, Base has surged from $177 million in January 2024 to $40.9 billion, marking a growth rate of 2210%, the largest among the top five public chains by stablecoin market value.

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

Hyperliquid: The New Treasury of Derivatives Whales

As a new battleground for whales' games, although Hyperliquid has not been launched for long, it has shown tremendous potential. In less than half a year, its stablecoin market cap has reached $32.6 billion, surpassing established public chains such as Arbitrum, Polygon, and Avalanche.

From the perspective of the ecosystem application, Hyperliquid, as a decentralized derivative trading platform, mainly uses USDC as the trading pair. Therefore, USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. However, it is worth noting that as a public chain, Hyperliquid has recently added feUSD, USDT, USDe in terms of stablecoin types. Although the current circulation and trading volume are not high, it has also opened up some new opportunities for the application of the public chain ecosystem.

Arbitrum: Incentive Drought Leads to Significant Plunge

Arbitrum, as the highly anticipated Ethereum L2 solution, has experienced a rollercoaster ride in stablecoin market cap during this cycle. In 2024, Arbitrum's stablecoin market cap surged from $20 billion to a peak of $69 billion. However, at the beginning of 2025, Arbitrum's stablecoin market cap underwent a significant plunge, rapidly dropping to $27.3 billion in January. On January 2nd, the single-day outflow reduced by $20 billion. This sharp decline may be mainly attributed to three reasons: first, on December 17, the previous round of Incentives Detox incentive termination led to approximately 50 protocols' liquidity subsidies being cut off at once, resulting in concentrated withdrawal of liquidity provider funds after the rewards expired. Second, Tether announced that starting January 29, USDT on Arbitrum would be migrated to the new cross-chain standard "USDT0." Lastly, the high-yield competition chain Blast deposit contract offering 5% annualized return + Airdrop Points for the USDC/USDT pair continued to attract L2 assets since its launch at the end of November.

Polygon: USDC Migration and Payment Testbed

From 2024 to the present, Polygon's stablecoin market cap has risen from $12.6 billion to around $21.5 billion, an annual increase of nearly 70%. The key drivers come from the adoption of Circle-native USDC and giants like Visa and Mastercard experimenting with fiat and stablecoin settlement on the PoS chain, bringing enterprise-level growth. Currently, on the Polygon chain, stablecoins are dominated by USDT and USDC, accounting for 40.79% and 47% of the market share, respectively.

Avalanche: Fee Reduction Fails to Ignite Explosive Growth

Avalanche's growth in the past year has appeared somewhat lackluster. Although the overall stablecoin market cap has also grown by 79%, looking at the chart, this growth has been stagnant since May 2024. It has consistently fluctuated between $10 billion and $20 billion. At the end of 2024, the Avalanche 9000 upgrade reduced the base fee on the C-Chain by 96%, significantly lowering the cost of stablecoin microtransactions and batch settlements. However, this positive development did not provide sustained momentum for Avalanche. Perhaps only with an overall increase in ecosystem activity can stablecoin development be truly driven forward.

Aptos: The Momentum Dark Horse of the MOVE Ecosystem

The total market cap of stablecoins on Aptos surpassed $1 billion for the first time in the first quarter of 2025. Looking at the growth since 2024, the overall growth by May reached 2408%, making it one of the fastest-growing public chains. As a public chain within the MOVE ecosystem, Aptos and Sui are both emerging competitors. The stablecoins on Aptos are mainly composed of USDT and USDC, with USDT accounting for approximately 62.39% and USDC approximately 32%. Considering that native USDC was only launched on Aptos in January 2025, this growth progress has been rapid.

Sui: A High-Speed Growth Chain with a 230x Increase

Sui has seen the largest stablecoin growth among all public chains. At the beginning of 2024, the stablecoin market cap on the Sui network was only around $5 million. By May 2025, this figure had grown to $1.156 billion, a staggering 230-fold increase. Currently, USDC is the stablecoin with the highest issuance share on the Sui network, accounting for approximately 75%. However, the current volume of stablecoins in the Sui ecosystem is still relatively low, and the variety of issuances is also limited. Attracting more large funds is a key growth challenge for the Sui ecosystem. Additionally, the Cetus hack on May 22 will also to some extent shake confidence in its security performance, presenting a situation of both opportunities and concerns.

TON: Growth Hindered by Lackluster Telegram Social Support

TON, as a newcomer to the battlefield in 2024, has also experienced rapid growth over the past year. In April 2024, Tether announced the synchronous issuance of USDT and XAUT on the TON chain, becoming its 15th supporting network, aiming to directly onboard Telegram's 900 million users into the on-chain dollar payment ecosystem. After its launch, wallets and various Telegram transaction bots quickly integrated, allowing new users to send and receive USDT with zero barriers using just their phone numbers. This also laid the foundation for the growth of stablecoins in the TON ecosystem. By June 2024, the USDT issuance on TON had reached $519 million. However, after a short-term surge, stablecoin growth in the TON ecosystem began to decline in 2025, falling from around $1.4 billion at the beginning of the year to approximately $900 million. This decline may be related to the lack of significant hotspots in the TON ecosystem following the mini-game feature.

Conclusion

Currently, the competition among stablecoins on public blockchains is still in a rapid state of flux. Although blockchains such as Ethereum and Tron still have a significant first-mover advantage, the rise of popular blockchains like Solana and BSC is gradually eroding the market share of these leaders. Additionally, the issuance of new stablecoins like USD1 is no longer limited to Ethereum. The MOVE ecosystem on Apots and Sui, as emerging public blockchains, while having a shorter stablecoin minting time, show a clear advantage in terms of growth rate. It is foreseeable that the competition among stablecoins will become more intense. For established public blockchains, this means facing the dual pressure of maintaining their market share while continuing to grow. For new public blockchains, it signifies a period of rapid expansion and market-driven growth. As stablecoin regulations are gradually implemented worldwide, the story of stablecoins is just beginning.

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