Stablecoins Become the Focus of the Crypto Market: A Comprehensive Analysis of 12 Public Chain Ecosystems

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 value of stablecoins has surpassed $245 billion, demonstrating huge development potential. Behind this rapidly growing market, major public chains are engaged in fierce competition. Stablecoins are not only an important indicator of asset liquidity but also a key criterion for assessing the recognition of public chain markets.

This article provides a detailed analysis of the stablecoin data of the top 12 public chains, aiming to outline the overall picture of the development of stablecoins on public chains.

Ethereum: USDC Growth Strengthens Position

The market value of stablecoins on Ethereum has reached 122.5 billion USD, accounting for 50% of the total stablecoin issuance. Among them, USDT has the highest proportion, about 50%. However, the issuance of USDT on the Ethereum chain shows a declining trend in 2025. In contrast, the issuance of USDC on Ethereum has increased by 46.4% in six months, reaching 36.9 billion coins, becoming a key factor for Ethereum to maintain its dominant position in the stablecoin market.

TRON: The Main Public Chain for USDT Issuance

The TRON network has become the largest public blockchain for USDT issuance, accounting for approximately 31.3% of the global stablecoin market. The average daily trading volume of USDT on TRON reaches 2.4 million transactions, far surpassing Ethereum's 284,000 transactions. From 2024 to 2025, the supply of USDT on TRON is expected to grow from 48.8 billion USD to 77.7 billion USD. TRON's low fees and high transaction speed make it the preferred network for USDT trading, especially favored by retail users and emerging markets.

Solana: The Emerging Force of Rapid Growth

Solana has shown strong growth momentum in the stablecoin sector, increasing 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 that cannot be ignored. USDC is the dominant stablecoin on Solana, accounting for 73% of the market share, while USDT accounts for about 20%.

BSC: Zero Gas Fees and Dual Drive of USD1

The market value of stablecoins on the BSC chain grew from $4 billion in 2024 to approximately $10 billion in May 2025, an increase of about 150%. This growth is mainly attributed to zero Gas fee activities and the issuance of USD1 stablecoin. Currently, USDT accounts for about 59% of the issuance on BSC, while USD1 accounts for about 21%. It is worth noting that BSC has accounted for 38.1% of all chains in terms of stablecoin transaction volume, ranking first.

Base: The fastest-growing newcomer

Base grew 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 as much as 97.8%.

Hyperliquid: The New Favorite in Derivatives Trading

As an emerging derivatives trading platform, Hyperliquid has reached a stablecoin market value of 3.26 billion USD in just six months, surpassing some established public chains. USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%.

Arbitrum: Adjustment Period After Incentives End

The market value of Arbitrum's stablecoin has experienced significant fluctuations. It grew from $2 billion throughout 2024 to a peak of $6.9 billion, but quickly fell to $2.73 billion at the beginning of 2025. This was mainly due to factors such as the end of the incentive program, the migration of USDT, and the emergence of high-yield competitive chains.

Polygon: Enterprise-level Applications Drive Growth

The market value of Polygon's stablecoin increased from 1.26 billion USD in 2024 to 2.15 billion USD in May 2025. This growth is mainly attributed to the launch of Circle's native USDC and the payment pilots on PoS chains by giants like Visa and Mastercard.

Avalanche: Seeking breakthroughs in stable growth

The market value of Avalanche's stablecoin has increased by 79% over the past year, but the growth momentum has slowed. Despite the network upgrade at the end of 2024 significantly reducing transaction fees, this positive factor has not brought significant growth momentum.

Aptos: The Dark Horse of the Move Ecosystem

The total market value of stablecoins on Aptos exceeded $1 billion for the first time in the first quarter of 2025, with an increase of 2408%. USDT and USDC are the main stablecoins on the Aptos chain, accounting for 62.39% and 32% respectively.

Sui: Amazing 230x Growth

The market value of stablecoins on the Sui network has grown from 5 million dollars at the beginning of 2024 to 1.156 billion dollars by May 2025, an astonishing increase of 230 times. USDC is the most widely issued stablecoin on the Sui network, accounting for 75%.

TON: Steady Development Supported by Social Engagement

With the support of Telegram, TON has achieved some growth in the stablecoin market. However, after a brief rise, its stablecoin market value has fallen from $1.4 billion at the beginning of 2025 to around $900 million.

Overall, the competition landscape of stablecoins among public chains is still rapidly changing. Although public chains like Ethereum and Tron maintain their leading positions, emerging public chains such as Solana and BSC are gradually eating into the market share. As global stablecoin regulations gradually take shape, the competition in the stablecoin market will become more intense, and future developments are worth looking forward to.