Ethereum and Tron Dominate Stablecoins With 83.9% Share, Valued at $144.4 Billion

What blockchain has the most stablecoins?

Ethereum has the most stablecoins, with $84.6 billion, or 49.1% of market share, as of 23 September 2024. 

Tron has the second-largest amount of stablecoins, with $59.8 billion, a market share of 34.8%.

It is then followed by BNB Chain, with $5.0 billion and a market share of 2.9%. Ethereum and Tron account for the large majority of stablecoins, with 83.9% or $144.4 billion of all stablecoins on just these two blockchains.

Ethereum maintains its stablecoin dominance

Ethereum has managed to maintain its dominance with 49.1% of stablecoins on it. The supply of stablecoins on Ethereum grew 25.5% between January 1 and 23 September, or by $17.2 billion. However, total stablecoin supply increased by 32.4%, outpacing Ethereum. This resulted in Ethereum’s stablecoin dominance slightly decreasing from 51.9% to 49.1% during the same period.

On a broader timeframe, Ethereum’s stablecoin supply dropped -8.5% between May 2022 and September 2024, a drop of $7.9 billion. This could be attributed to the collapse of Terra’s stablecoin UST, the onset of the bear market, and the proliferation of Layer 2s during that time.

Tron benefits from increased demand for USDT

Tron's stablecoin market share hit 34.8% as of 23 September, with $59.8 billion on the chain. Supply of stablecoins on Tron grew by 21.6% in 2024, but despite the growth, its market share dropped from 37.9% at the start of the year. 

However, stablecoins on Tron have increased by 67.9% since 2022, adding $24.2 billion to the chain's assets. The large increase stems from the issuance of Tether (USDT) over the past few years. USDT accounts for 98.3% of all stablecoins on Tron, with the remaining consisting of USDD (USDD), and TrueUSD (TUSD).

BNB Smart Chain stablecoin market share continues to shrink

BNB Smart Chain (BSC) grew the least in 2024, with an increase of 9.8%, or $444.5 million. It was the only chain in the top 5 to add less than a billion dollars in stablecoin. During the same period, its market share dropped from 3.5% to 2.9%. 

Over a broader timeframe, however, BSC saw its stablecoin supply drop -61.0% between May 2022 and September 2024, mostly in the form of Binance USD (BUSD). This represented a fall of $7.8 billion in the wake of Binance being ordered by the New York Department of Financial Services to cease support for the stablecoin. Despite this, the SEC terminated its investigation into the stablecoin in July, though the damage had been done. BUSD now accounts for a small percentage of BSC stablecoins, with USDT making up for the bulk at 79.5%.

Coinbase’s Base stablecoin supply grew 1,941.5%

The Base network had the largest growth in stablecoin supply, with an increase of 1,941.5% between January and September 2024. In absolute terms, its stablecoin supply grew $3.4 billion, bringing its market share from 0.1% to 2.1%. The Coinbase-launched blockchain now sits in the sixth spot, just behind Solana. 

Other blockchains that experienced notable growth were Near, Arbitrum, and Solana. Near’s stablecoin supply grew a whopping 863.4%. However, its absolute growth was only $601.1 million, as it had a small base to begin with. Its market share increased slightly, from 0.1% to 0.4%.

Arbitrum’s stablecoin supply increased by 130.2% or $2.61 billion, bringing its market share from 1.5% to 2.7% in 2024. 

Meanwhile, Solana grew 107.1%, with its stablecoin supply increasing by $2.0 billion. Its market share went from 1.4% to 2.2%, with growth driven by memecoin season on the network. 

Top 10 blockchains by stablecoin supply (September 2024)

Methodology

The study examined the top 10 blockchains by market share of total stablecoin supply, using DefiLlama data from May 15, 2022 to September 23, 2024. The top 10 blockchains are: Ethereum, Tron, BNB Smart Chain, Arbitrum, Solana, Base, Avalanche, Polygon, Optimism, and Near.

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