Analysis of the Stablecoin Market Landscape in 2025: The Battle of Public Chains and the Rise of New Ecosystems

As of May 22, 2025, the total market value of stablecoins has surpassed 245 billion USD, becoming one of the most关注 areas in the cryptocurrency market. Stablecoins are not only indicators of asset liquidity changes but also important standards for measuring the recognition of public chain markets. This article will analyze the stablecoin data of the top 12 public chains, outlining a panoramic view of the development of public chain stablecoins.

Ethereum: USDC Growth Boosts Market Dominance

The market capitalization of Ethereum's stablecoins reached $122.5 billion, accounting for 50% of the global stablecoin issuance. USDT remains the highest proportion stablecoin on Ethereum, accounting for about 50%. However, since the beginning of 2025, the issuance of USDT on Ethereum has decreased by 5.07%. In contrast, the issuance of USDC on Ethereum has grown by 46.4% in six months, reaching 36.9 billion coins, becoming a key factor in Ethereum maintaining its dominant position in the stablecoin market.

TRON: USDT Maximum Issuing Public Chain

Tron has become the largest public blockchain for USDT issuance, accounting for approximately 31.3% of the global stablecoin market. The Tron network processes about $20 billion in USDT transfers daily, making up nearly 29% of the global stablecoin trading volume. Over 1 million unique accounts conduct USDT transactions on Tron each day, representing 28% of all active stablecoin wallet addresses on blockchain. By 2025, the total supply of USDT on Tron is expected to reach $77.7 billion, and its low fees and high transaction speeds make it the preferred network for USDT trading.

Solana: The Fast-Growing Emerging Force

The total market value of Solana's stablecoins grew from 1.8 billion dollars at the beginning of 2024 to 11.4 billion dollars in May 2025, an increase of 627%. USDC is the dominant stablecoin on Solana, accounting for 73% of the market share. USDT accounts for about 20%. It is worth noting that a stablecoin issued by a certain payment giant has a market value of 200 million dollars on the Solana chain, second only to Ethereum.

BSC: Zero Gas Fees and Emerging Stablecoins Dual Drive

The market value of stablecoins on BSC grew from $4 billion in 2024 to approximately $10 billion by May 2025, an increase of about 150%. This growth is mainly driven by two factors: zero gas fee activities and the issuance of emerging stablecoins. USDT accounts for about 59% of the issuance on BSC, while a certain emerging stablecoin accounts for about 21%. It is noteworthy that in May, the number of stablecoin transactions on BSC accounted for 38.1% of all chains, ranking first.

Base: The fastest-growing rookie

Base increased from $177 million in January 2024 to $4.09 billion, a growth rate of 2210%, making it the highest growth among the top five public chains by stablecoin market capitalization. USDC is the most mainstream stablecoin on the Base chain, accounting for 97.8%.

Hyperliquid: The Emerging Force in Derivatives Trading

Hyperliquid achieved a stablecoin market capitalization of $3.26 billion in less than six months, surpassing several 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 experienced significant fluctuations, dropping from a peak of $6.9 billion in 2024 to $2.73 billion at the beginning of 2025. This was mainly influenced by the end of incentive programs, updates to cross-chain standards, and competitors attracting funds.

Polygon: Enterprise-level applications driving growth

The market value of Polygon's stablecoin has grown from $1.26 billion in 2024 to $2.15 billion, an increase of nearly 70%. This is mainly due to the implementation of native USDC and pilot programs for fiat and stablecoin settlements by large payment companies on-chain.

Avalanche: Seeking Breakthrough Amidst Stagnant Growth

The market value of Avalanche's stablecoin grew by 79%, but growth has stagnated since May 2024. Despite reducing transaction costs through upgrades, significant growth has not been achieved.

Aptos and Sui: The Rising Stars of the Move Ecosystem

Aptos and Sui, as representatives of the Move ecosystem, show strong growth momentum. The total market capitalization of Aptos's stablecoin has increased by 2408%, while Sui has achieved a growth of 230 times.

TON: Steady Development Supported by Social Engagement

TON has achieved rapid growth of stablecoins with the support of Telegram, but began to decline in early 2025, currently with a market value of approximately 900 million dollars.

Conclusion

The competitive landscape of the stablecoin market is rapidly changing. While public chains such as Ethereum and Tron still maintain a leading position, emerging public chains like Solana and BSC are gradually eating into market share. As global stablecoin regulations continue to improve, competition in the stablecoin market will become even more intense, bringing new opportunities and challenges to the public chain ecosystem.