Two recently prominent networks in the stablecoin ecosystem, Ethereum and Tron, control almost all of the total supply. Data from crypto analysis company Artemis revealed that there is a $168.7 billion worth of stablecoin supply in Ethereum, reaching a 53.9 percent share among all tracked blockchains. Tron comes in second with a volume of $86.7 billion and is the network with the largest stablecoin capacity after Ethereum.
Two-Chain Market Structure
The difference between Ethereum and Tron comes down to differences in functional preference as well as quantity. Ethereum is positioned as the primary solution among both institutional and individual investors in stablecoin transfers and decentralized finance applications. The largest pools of funds for leading stablecoin projects such as USDT and USDC are located in this network. Tron has a market share of 27.7 percent. The network, which stands out with its low transaction fees and high transfer volume, especially in emerging markets, is mostly used for fast and cost-free USDT transfers. This size on Tron is due to the ease of transfer of the network rather than the protocol guarantee.
Fragmented Distribution in the Rest of the Market
The supply of stablecoins on chains other than Ethereum and Tron is significantly lower. Solana accounts for 5.4 percent of the total supply, BNB Chain accounts for 5.1 percent, and Arbitrum accounts for 2.5 percent. While this rate is 1.5 percent on Base, other networks such as Polygon, Avalanche, Plasma, Aptos, TON and HyperEVM remain below 1 percent on their own. Each of these networks has limited weight in the overall portfolio.
In total, the market share of chains other than Ethereum and Tron stands at around 18 percent. These small shares are largely concentrated in the weight of Solana and BNB Chain. More than fifteen remaining networks share the remaining small portion.
This concentration in the stablecoin ecosystem shows that capital flows are not evenly spread across emerging chains. It is observed that stablecoin supply is proportionally concentrated in networks where liquidity pools and protocol demand are high.
Supply and Activity Distribution Difference
Analyzes regarding the distribution of stablecoins only cover the amount of supply, the number of transactions or frequency of transfers are considered as a separate indicator. Even if the supply of stablecoins on a blockchain is low, a large number of transfers with small transaction volumes can make this network stand out. The high supply in Tron reveals the diversity of the user profile; A structure in which the transfer function comes to the fore mostly attracts attention.
In this analysis prepared by Artemis, only the chain on which the stablecoins were held was included in the calculation. Metrics such as transfer density or usage diversity were not examined separately. To fully understand the use cases of stablecoins, both indicators are evaluated together; Transaction activity, as well as supply rate, determines the chains’ overall impact.
