Stablecoins are spread across a growing number of blockchains. But how much of the supply is still on Ethereum and Tron, and how much is moving toward Solana, Base and the other chains? Here we will look at the allocation of the stablecoins across chains. Ethereum and Tron still hold around 78% of tracked stablecoin value, but several smaller chains are growing faster in percentage terms. The distinction matters. A large chain can add billions with a modest percentage increase, while a smaller one can double and still account for less than 1% of the market. Let's take a look at both.
Here we will be looking at:
- Historical stablecoin supply by blockchain
- Current rankings and market shares
- How those shares have changed
- Monthly growth in dollars and percentages
- The stablecoin mix on each major chain
The data is from DeFiLlama, using its daily data. Supply is shown as circulating stablecoin market value in USD.
Historical Stablecoin Supply by Blockchain
First, a look at the supply across the major chains since November 2017.
This chart goes back as far as 2018 but as we can see from it, prior to 2020 the stablecoins allocation to chains was very small and it is almost not visible on the chart. There is some liquidity mainly on Ethereum, but it is in the hundres of millions. The chain allocation not to be confused with the raw market cap of stablecoins as some of them might be on another chains at time, or just on exchanges.
The first major increase happened in 2020 and 2021, with the bull market run at the time and both Ethereum and Tron grew, with Ethereum outpacing Tron. ETH especially outpaced Tron in 2022 reaching more than 100B, while Tron was around 40B. But then ETH dropped in stablecoins supply and both come closest they have been in 2024 with ETH at 80B and Tron at 60B in stablecoins supply. In 2025 Ethereum grew stronger again reaching 160B, while Tron grew slower. But in 2026 Ethereum dropped, while Tron continued to grow and we are now at 147B stablecoins on Ethereum and 95B on Tron.
When we zoom in on the smaller chain we get this:
BSC grew fast back in 2021 up to 13B but then stopped. This is probably due to the BUSD stablecoin that started strong but then got banned and stopped and was discontinued slowly. Solana then appeared and reached more than 5B, dropped in 2023 and grew again in 2025 together with the BSC chain. Some other chains appeared like Base and Hyperliquid that now have more than 5B stablecoins.
Top Blockchains by Stablecoin Supply
Here are the ten largest chains in the latest daily snapshot.
Ethereum ranks first with $146.5 billion, followed by Tron with $94.8 billion. There is then a large gap to Solana at $16.8 billion and BSC at $13.3 billion. BSC is the label DeFiLlama uses for BNB Smart Chain. Hyperliquid L1 takes fifth place with $7.46 billion. Base is sixth with $5.27 billion, ahead of Arbitrum at $3.78 billion and Polygon at $2.96 billion. X Layer and Plasma complete the top ten, each with around $1.4 billion to $1.6 billion. This is a ranking of balances held on each chain. It does not measure how often those balances move. A chain with a smaller stablecoin supply can still generate substantial transfer or trading activity.
Stablecoin Market Share by Blockchain
Next, the same supply viewed as a share of the full tracked market.
Ethereum holds 47.6% and Tron 30.8%, giving the two a combined 78.4%. Solana follows with 5.4% and BSC with 4.3%. Together, these four chains account for about 88.2% of stablecoin value. Hyperliquid L1 represents 2.4%, while Base holds 1.7%. All remaining chains together account for 7.6%. That remaining group includes Arbitrum, Polygon, X Layer, Plasma and the smaller networks. The market has expanded to many chains, but the distribution remains concentrated. Base's $5.27 billion is a sizeable balance in its own right, yet it is still a relatively small part of a market above $300 billion.
How Market Shares Are Changing
The historical share chart removes the effect of the market's changing size.
At the very beginig back in 2017 Ethereum was the only chain with stablecoins. Then Tron came along in 2018 and started taking some share from the chain. Next was the BSC chain that grew rapidly n 2021 but stopped, and in the last years we jabe more and more options, but Ethereum and Tron are still dominant.
Monthly Growth in Dollar Terms
How much value was added or removed in the last 30 days? The chart includes today's top ten chains, plus Tempo and XRPL.
Across the whole tracked market, stablecoin value increased by $3.66 billion, or 1.2%, over the last 30 days. Tron added $1.81 billion, the largest increase among the chains shown. Ethereum moved in the opposite direction, declining by $1.08 billion.
Tempo added $656 million, Plasma $487 million and Hyperliquid L1 $449 million and Solana gained $388 million.
There were declines outside Ethereum as well. Polygon lost $167 million and X Layer $157 million. The overall market grew, but that growth was not shared evenly across the major chains. These are changes in USD-valued balances, not a measure of net bridge inflows.
Monthly Growth in Percentage Terms
Here is the same selection of chains ranked by their 30-day percentage change.
Tempo is obviously the big gainer here with a 795% growth, followed by Plasma. The X layer lost the most in percentage terms with -9%. Tempo's percentage increase was far larger than Tron's, but Tron added almost three times as much value.
The Stablecoin Mix on Each Chain
Finally, which stablecoins make up the balances on the eight largest chains? Each bar represents 100% of that chain's total.
This is an interesting chart and it mostly shows the chain alocation between USDT and USDC. Ehteremu is sort of mix with USDT the bigest one but also other stablecoins included. Tron is almost entirely dominated by USDT. USDT and Tron has been almost one entity and working together for USDT implementation worldwide. Solana is moslty dominated by USDC, and this is the case with Hyperliquid, Base and Arbitrum. BSC is dominated from USDT with a small alocations of USDC and USD1.
All the best @dalz
