Changes in the Stablecoin Market Landscape: Intensified Competition Among Public Chains, Rise of New Forces

In 2025, stablecoins will become the focus of the cryptocurrency market, with a total market value exceeding 245 billion USD. Stablecoins are not only an important indicator of asset liquidity but also a key measure of the recognition of public chain markets. This article analyzes the stablecoin data of 12 major public chains, attempting to outline the development panorama of public chain stablecoins.

Ethereum: USDC Growth Supports Half of the Market

The market value of Ethereum stablecoins is $122.5 billion, accounting for 50% of the total. USDT remains the largest coin, but its issuance has decreased by 5.07%. USDC has increased by 46.4%, becoming the key to Ethereum maintaining its leading position.

TRON: The Public Chain with the Largest USDT Issuance

The TRON stablecoin is 99% USDT, making it the largest public chain for USDT issuance, accounting for 31.3% globally. With an average daily transaction volume of 2.4 million, it far exceeds Ethereum. By 2025, the total amount of USDT will reach $77.7 billion, an increase of $18 billion. TRON's low fees and high speed attract a large number of users, especially retail investors and emerging markets.

Solana: The Rapid Rise of a New Force

The Solana stablecoin increased from $1.8 billion to $13.1 billion, a growth of 627%. USDC accounts for 73%, while USDT accounts for 20%. Although the total amount is still far below that of leading public chains, the growth rate is remarkable.

BSC: Zero Gas Fees and USD 1 Drive Growth

The market value of BSC stablecoins grew by 150% to $10 billion. Zero gas fee activities and the issuance of USD1 are the two major growth drivers. USDT accounts for 59%, and USD1 accounts for 21%. BSC leads in the number of transactions, becoming one of the most competitive new forces.

Base: The fastest-growing newcomer

The market value of Base stablecoin increased from $177 million to $4.09 billion, a growth of 2210%. USDC accounts for 97.8%, making it the largest public chain by USDC trading volume, excluding Ethereum.

Hyperliquid: A New Frontier for Derivative Trading

In six months, the market value of stablecoins reached $3.26 billion, surpassing several established public chains. USDC accounted for 97.8%, mainly used for derivatives trading.

Arbitrum: Significant Pullback After Incentives End

The market value of stablecoins has dropped from $6.9 billion to $2.73 billion. The main reasons are the termination of incentives, USDT migration, and high-yield competition.

Polygon: Enterprise-level applications drive growth

The market value of stablecoins has grown by 70% to $2.15 billion. USDC and USDT account for 47% and 40.79%, respectively. Giants like Visa are piloting to drive growth.

Avalanche: Growth Stagnation

The market value of stablecoins has increased by 79%, but it has been fluctuating between 1 to 2 billion dollars in the long term. The reduction in fees has failed to stimulate explosive growth.

Aptos and Sui: The Dark Horse of the Move Ecosystem

Aptos grew by 2408%, Sui increased by 230 times, both surpassing 1 billion USD. As emerging public chains, they show great potential.

TON: Social support growth followed by decline

The launch of USDT has driven rapid growth, but the lack of new hotspots has led to a drop back to 900 million.

Conclusion

The competitive landscape of stablecoins is changing rapidly. Established public chains are under pressure to maintain their lead, while new public chains are seizing expansion opportunities. As legislation is enacted in various regions, competition in the stablecoin market will become even more intense.