Overview of the Stablecoin Market Development in 2025: Dramatic Changes in the Public Chain Competitive Landscape

In 2025, stablecoins become the focus of the crypto market, with a total market value exceeding 245 billion USD. Stablecoins are not only an indicator of asset liquidity but also an important standard for measuring the recognition of public chain markets. This article analyzes the stablecoin data of 12 major public chains, outlining a comprehensive picture of the development of public chain stablecoins.

Ethereum: USDC Growth Supports Market Share

The market capitalization of Ethereum's stablecoins has reached 122.5 billion USD, accounting for 50% of the total market. USDT remains dominant, but its issuance on Ethereum is expected to decline by 5.07% in 2025. In contrast, USDC grew by 46.4% on Ethereum in the first half of the year, becoming key to Ethereum maintaining its market position.

TRON: The largest issuance chain and trading center for USDT

Tron has become the largest public chain for USDT issuance, accounting for 31.3% of the global stablecoin market. The daily trading volume of USDT reaches 2.4 million transactions, far exceeding Ethereum. In 2025, USDT will be issued an additional 18 billion USD on Tron, bringing the total supply to 77.7 billion USD. Tron’s low fees and high speed have attracted a large number of users, especially retail investors and emerging markets.

Solana: High Performance Drives Rapid Growth

The market value of Solana's stablecoins grew by 627% in a year, reaching $11.4 billion. USDC accounts for 73% of its market share, while USDT accounts for 20%. PayPal's PYUSD has a market value of $200 million on Solana, second only to Ethereum.

BSC: Zero Gas Fees and USD1 Driving Growth

The market capitalization of stablecoins on BSC has increased to $10 billion, an increase of 150%. The zero Gas fee activities and the issuance of USD1 have driven two significant growth spurts. USDT accounts for 59%, while the emerging USD1 accounts for 21%. BSC leads in the number of stablecoin transactions, accounting for 38.1% of all chains.

Base: The fastest-growing newcomer

The market value of Base's stablecoin increased from $177 million to $4.09 billion, a growth rate of 2210%. USDC is dominant, accounting for 97.8%.

Hyperliquid: A New Choice for Derivatives Trading

In the past six months, the market value of stablecoins reached 3.26 billion USD, primarily composed of USDC. Recently, new varieties such as feUSD, USDT, and USDe have been added.

Arbitrum: Drop After Incentives End

The market value of stablecoins has experienced significant fluctuations, dropping from $6.9 billion to $2.73 billion. The end of incentive programs, USDT migration, and competing chains attracting funds are the main reasons.

Polygon: Enterprise-level applications drive growth

The market value of stablecoins has increased to $2.15 billion, a growth of 70%. The native USDC from Circle and pilot projects by large payment companies are the main driving forces.

Avalanche: Growth Slows

The market value of stablecoins increased by 79%, but the growth rate has slowed down. The reduction in fees has not led to significant growth.

Aptos: The New Star of the Move Ecosystem

The market value of stablecoins has exceeded $1 billion, with an annual increase of 2408%. USDT and USDC are the main components.

Sui: A New Public Chain with Explosive Growth

The market value of stablecoins has grown 230 times in one year, reaching $1.156 billion. USDC accounts for 75%.

TON: Growth and Decline Supported by Social Interaction

The launch of USDT has driven rapid growth in the early stages, but it began to decline in 2025, with a current market value of approximately 900 million dollars.

Conclusion

The competitive landscape of public chain stablecoins is changing rapidly. Traditional strong players are facing challenges from emerging public chains, while new public chains are entering a period of rapid expansion. As global stablecoin regulations gradually improve, the competition in the stablecoin market is just beginning.