Changes in the Stablecoin Market Landscape: The Battle for Public Chains Intensifies

In 2025, stablecoins have become one of the most关注的领域 in the crypto market. As of May 22, the total market capitalization of stablecoins has surpassed $245 billion. Behind this rapid growth, major public chains are secretly 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 provides an in-depth analysis of the stablecoin data of the top 12 public chains, attempting to outline the overall picture of the development of public chain stablecoins.

Ethereum: USDC Growth Helps Maintain Leading Position

The market capitalization of Ethereum's stablecoin has reached 122.5 billion USD, accounting for 50% of the total stablecoin issuance. USDT remains its largest stablecoin, with a share of approximately 50%. However, since 2025, the issuance of USDT on the Ethereum chain has declined, dropping by 5.07% as of May 21. This has made another public chain the largest issuance platform for USDT.

Meanwhile, USDC has performed well on Ethereum. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for as much as 60.82%. Since October 2024, it has grown by 46.4% in six months. The strong growth of USDC has become a key factor in Ethereum maintaining its dominance in the stablecoin market.

A certain public chain: The largest issuance location of USDT, the global "trading center" for US dollars

The stablecoin of a certain public chain mainly comes from USDT, accounting for over 99%, and has now become the largest issuance platform for USDT. This public chain has a global market share of approximately 31.3% in the stablecoin market. Data shows that the daily average trading volume of USDT on this public chain reaches around 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

In terms of trading volume, the network processes an average of $20 billion in USDT transfers daily, accounting for nearly 29% of the global stablecoin trading volume. In terms of user activity, over 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 supply of USDT on this public chain increased from $48.8 billion in 2024 to $77.7 billion in May 2025. Low fees and high transaction speeds make it the preferred network for large amounts of USDT transactions, especially favored by retail users and emerging markets.

In addition, the collaboration of this public chain with a certain political family has also provided more possibilities for its stablecoin prospects. In May of this year, a co-founder of a related project stated that their issued USD stablecoin USD1 will be natively issued on this public chain. The founder of this public chain revealed in January of this year that they hope to significantly reduce transaction fees and ultimately achieve free transfers. However, the specific progress of this plan has not yet been announced.

Solana: The Acceleration Engine Under High Performance

As one of the hottest public chains in recent years, Solana has also achieved significant growth in the stablecoin sector. From $1.8 billion at the beginning of 2024, it grew to a peak of $13.1 billion in May, an increase of 627%. Although the current total market value of stablecoins is approximately $11.4 billion, which still falls short compared to some public chains, Solana has become an emerging force in the stablecoin field that cannot be ignored.

From an internal structure perspective, USDC is the dominant stablecoin on Solana, accounting for 73% of the market share. USDT holds about 20% of the share on Solana. A stablecoin issued by a payment giant currently has a market value of 200 million USD on the Solana chain, second only to Ethereum, with a share of about 24.36%. Solana is becoming one of the preferred choices for many new types of stablecoins.

A Public Chain of a Trading Platform: Driven by Zero Fees and New Stablecoins

As of May 2025, a certain trading platform's public chain accounts for approximately 2.4% of the global stablecoin market share. The market value of the stablecoin on this chain has grown from $4 billion in 2024 to about $10 billion currently, an increase of approximately 150%. There were two significant growth periods: the first was from November 2024 to January 2025, increasing from around $5 billion to $7 billion; the second was from the end of April 2025 to May, rapidly rising from $7 billion to $9 billion. The first growth was likely mainly due to a zero-fee promotion launched on this chain, while the second was driven by the issuance of the USD1 stablecoin on this chain.

Currently, the issuance ratio of USDT is about 59%, while the ratio for USD1 is about 21%. The ratio of the two stablecoins that the chain previously promoted has decreased to a total of about 3%.

Data shows that with the recent increase in popularity of a certain wallet, the proportion of decentralized trading of stablecoins on the chain has risen from less than 10% in April to 28%, nearly matching the proportion of centralized exchanges. In addition, in May, the chain accounted for 38.1% of the total transaction volume of stablecoins among all chains, ranking first. In terms of cumulative trading volume of USDT, the chain stands at $358 billion, only lower than two other major public chains.

Base: The Growth Champion Empowered by a Certain Exchange

As an Ethereum L2 incubated by a well-known exchange, Base has seen significant growth in various aspects during this cycle. In terms of stablecoin market value, Base has grown from $177 million in January 2024 to $4.09 billion, achieving a growth rate of 2210%, making it the highest increase 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 trading volume for USDC, aside from Ethereum.

Hyperliquid: A New Frontier for Derivatives Trading

As an emerging derivatives trading platform, Hyperliquid, despite its short time of launch, has shown great potential. Within less than six months, its stablecoin market cap reached 3.26 billion USD, surpassing some established public chains.

From the perspective of ecological applications, Hyperliquid mainly uses USDC as the trading object, with USDC accounting for 97.8%. Recently, Hyperliquid has also added several other stablecoins in terms of types of stablecoins, opening up new possibilities for the application of public chain ecology.

Arbitrum: Challenges Faced After Incentives End

As a highly watched Ethereum L2, Arbitrum's stablecoin market value has experienced significant ups and downs 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, Arbitrum's stablecoin market value saw a sharp decline, quickly dropping to $2.73 billion in January. This drastic decrease may be attributed to factors such as the termination of incentive programs, migration of cross-chain standards, and high-yield competition from other public chains.

Polygon: USDC Migration and Payment Innovation

Since 2024, the market value of Polygon stablecoin has risen from 1.26 billion to approximately 2.15 billion USD, with an annual increase of nearly 70%. The key driving force comes from a company's native USDC landing and payment giants piloting fiat and stablecoin settlements on the PoS chain, bringing enterprise-level increments. Currently, the stablecoin share on the Polygon chain is dominated by USDT and USDC, accounting for 40.79% and 47% of the market share, respectively.

Avalanche: Fee Reduction Fails to Bring Explosive Growth

Avalanche's growth has been relatively moderate over the past year. Although the overall market cap of stablecoins has increased by 79%, growth has stagnated since May 2024, fluctuating between $1 billion and $2 billion. The upgrade at the end of 2024 significantly reduced base fees but failed to provide sustained growth momentum.

Aptos: The New Star of the Move Ecosystem

The total market capitalization of stablecoins on Aptos is expected to exceed $1 billion for the first time in the first quarter of 2025, with an overall increase of 2408% since 2024, making it one of the fastest-growing public chains. The stablecoins on the Aptos chain are primarily composed of USDT and USDC, with USDT accounting for approximately 62.39% and USDC for about 32%.

Sui: The Emerging Public Chain with Rapid Growth

The growth of Sui's stablecoin is the most significant, increasing from around $5 million at the beginning of 2024 to $1.156 billion by May 2025, a growth rate of 230 times. Currently, USDC is the stablecoin with the highest issuance proportion on the Sui network, accounting for about 75%. However, the volume of stablecoins in the Sui ecosystem is still not very high, and attracting more large funds to enter is the main challenge Sui faces.

TON: Stable Growth Supported by Social Interaction

As a newcomer to the stablecoin competition in 2024, TON has also achieved rapid growth within a year. A large stablecoin issuer has issued USDT on the TON chain, providing a growth foundation for its ecosystem. However, the growth of stablecoins in the TON ecosystem has started to decline after a brief rise, possibly related to the lack of sustained hotspots.

Conclusion

The competitive landscape of stablecoins on public chains is still rapidly changing. Although public chains like Ethereum still have a significant first-mover advantage, the rise of emerging public chains is gradually altering the market landscape. As stablecoin legislation gradually takes effect around the world, the competition for stablecoins has just begun, and future developments are worth looking forward to.