Ethereum and Tron Command Majority of Stablecoin Market with 83.9% Share
Ethereum and Tron have cemented their positions as the leading blockchains for stablecoins, collectively holding 83.9% of the total market share, according to a recent report by CoinGecko. The combined value of stablecoins on these two networks amounts to $144.4 billion.
Ethereum Dominates Stablecoin Market
As of September 23, 2024, Ethereum boasts the largest share of stablecoins, with $84.6 billion or 49.1% of the total market. The stablecoin supply on Ethereum grew by 25.5% from January 1 to September 23, 2024, adding $17.2 billion. Despite this growth, Ethereum's market share decreased slightly from 51.9% to 49.1% as the overall stablecoin supply increased by 32.4%.
Over a broader timeframe, Ethereum's stablecoin supply dropped by 8.5% between May 2022 and September 2024, a loss of $7.9 billion. This decline is attributed to the collapse of Terra's UST stablecoin, the onset of a bear market, and the rise of Layer 2 solutions.
Tron Sees Significant Growth in USDT Demand
Tron holds the second-largest share of stablecoins, with $59.8 billion or 34.8% of the market. The stablecoin supply on Tron increased by 21.6% in 2024, although its market share dropped from 37.9% at the beginning of the year. Since 2022, stablecoins on Tron have surged by 67.9%, adding $24.2 billion to the network. Tether (USDT) dominates Tron's stablecoin market, accounting for 98.3% of the total stablecoins on the blockchain.
BNB Smart Chain's Market Share Declines
BNB Smart Chain (BSC) experienced the least growth among the top blockchains, with a 9.8% increase or $444.5 million in 2024. BSC's market share fell from 3.5% to 2.9% during the same period. Over a longer period, BSC's stablecoin supply plummeted by 61.0% between May 2022 and September 2024, primarily due to regulatory actions against Binance USD (BUSD). Despite the SEC terminating its investigation into BUSD in July, the damage was done.
Base Network Experiences Exponential Growth
The Base network, launched by Coinbase, saw its stablecoin supply skyrocket by 1,941.5% from January to September 2024, growing by $3.4 billion. This surge raised its market share from 0.1% to 2.1%, positioning Base in sixth place, just behind Solana.
Other blockchains also saw notable growth. Near's stablecoin supply grew by 863.4%, though its market share remains small at 0.4%. Arbitrum's stablecoin supply increased by 130.2%, reaching 2.7% of the market, while Solana's supply rose by 107.1%, bringing its market share to 2.2%.
Top 10 Blockchains by Stablecoin Supply
| Rank | Blockchain | Market Share of Stablecoins (%) |
|---|---|---|
| 1 | Ethereum | 49.1 |
| 2 | Tron | 34.8 |
| 3 | BNB Smart Chain (BNB) | 2.9 |
| 4 | Arbitrum | 2.7 |
| 5 | Solana | 2.2 |
| 6 | Base | 2.1 |
| 7 | Avalanche | 1.3 |
| 8 | Polygon | 1.1 |
| 9 | Optimism | 0.8 |
| 10 | Near | 0.4 |
Methodology
The study examined the top 10 blockchains by market share of total stablecoin supply, utilizing data from DefiLlama between May 15, 2022, and September 23, 2024. The top 10 blockchains are Ethereum, Tron, BNB Smart Chain, Arbitrum, Solana, Base, Avalanche, Polygon, Optimism, and Near.
For more details, visit the full report on CoinGecko.