Analysis of the Competitive Landscape of Public Chain Stablecoin Ecosystem: Intense Clash of New and Old Forces

In 2025, stablecoins have become one of the most关注的领域 in the crypto market. As of May 22, the total market capitalization of stablecoins has surpassed $245 billion. Stablecoins, as the main form of asset沉淀, are not only indicators of changes in asset流动 but also important indicators of the recognition of the public chain market. This article will analyze the stablecoin data of the top 12 public chains, attempting to outline a panoramic view of the development of public chain stablecoins.

Ethereum: USDC Growth Supports Its Position

The market capitalization of Ethereum's stablecoins has reached 122.5 billion USD, accounting for 50% of the total issuance of all stablecoins. USDT remains the highest proportion stablecoin on Ethereum, accounting for about 50%. However, from the perspective of USDT, its issuance on Ethereum is expected to decline in 2025. Statistics show that the issuance of USDT on the Ethereum chain grew by 83.1% in 2024, but by May 21, 2025, it had decreased by 5.07%. This has allowed a certain trading platform to leap forward as the largest public chain for USDT issuance.

Apart from USDT, Ethereum is also the largest issuing public chain for USDC. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82%. In October 2024, this figure was only 25.2 billion USD, representing a 46.4% increase over six months. The significant growth of USDC has become the main reason for Ethereum to maintain a substantial share of the stablecoin market.

A Trading Platform: USDT Maximum Issuance Public Chain

The stablecoin of a certain trading platform mainly comes from USDT, accounting for over 99%, and has now become the largest issuing public chain for USDT. This platform has approximately 31.3% market share in the global stablecoin market. Data shows that the average daily trading volume of USDT on this platform reaches 2.4 million transactions, while Ethereum only has 284,000.

In terms of transaction volume, the network processes an average of $20 billion in USDT transfers daily, accounting for nearly 29% of the global stablecoin transaction volume. In terms of user activity, over 1 million unique accounts conduct USDT transactions daily, representing 28% of all active stablecoin wallet addresses on the blockchain.

In terms of growth trends, the platform's USDT supply increases from $48.8 billion in 2024 to $59.7 billion. In 2025, an additional $18 billion will be issued, bringing the total supply to $77.7 billion. Low fees and high transaction speeds make it the preferred choice for USDT trading, particularly favored by retail investors and emerging markets.

In addition, the collaboration between the platform's founders and the Trump family provides more possibilities for the future of its stablecoin. In May, WLFI co-founder stated that its USD stablecoin USD1 will be natively issued on that chain. The founder revealed in January this year that they hope to significantly reduce transaction fees and ultimately achieve free transfers, but specific plans have yet to be announced.

A Public Blockchain: Growth Engine Under High TPS

As the most popular public chain in the past two years, stablecoins have seen significant growth on this chain. From $1.8 billion at the beginning of 2024, it surged to a peak of $13.1 billion in May, an increase of 627%. In terms of both scale and growth rate, this public chain is an emerging force in the field of stablecoins that cannot be ignored.

The current total market value of the public chain stablecoin is approximately $11.4 billion. Although there is a gap compared to certain trading platforms and Ethereum, considering that its DEX trading volume has already surpassed Ethereum, there is still room for improvement in the adoption of stablecoin applications.

From an internal structure perspective, USDC is the preferred stablecoin on this chain, accounting for 73% market share. USDT accounts for about 20%. A stablecoin issued by a major payment giant has a market value of 200 million USD on this chain, second only to Ethereum, accounting for 24.36%. This public chain has become the preferred option for various new types of stablecoins.

A Trading Platform Public Chain: Zero Gas and USD1 Dual Drive

By May 2025, the chain will account for about 2.4% of the global stablecoin market. Its stablecoin market value will increase from $4 billion in 2024 to about $10 billion, a growth of 150%. There are two concentrated growth periods: from November 2024 to January 2025, it increased from $5 billion to $7 billion; and from the end of April 2025 to May, it rapidly increased from $7 billion to $9 billion. Analysis shows that the first growth was driven by zero Gas fee activities, while the second was propelled by the issuance of the USD1 stablecoin.

Currently, 99.26% of USD1's issuance is on this chain, with a total amount of approximately 2.1 billion dollars. The two stablecoins that the platform previously promoted have decreased to a combined ratio of about 3%. The issuance ratio of USDT is about 59%, and USD1 accounts for 21%.

Data shows that as the popularity of the platform's wallet increases, the proportion of on-chain stablecoin DEX transactions has risen from less than 10% in April to 28%, which is almost the same as that of centralized exchanges.

In May, the chain accounted for 38.1% of all chains in terms of stablecoin transaction volume, ranking first. The cumulative trading volume of USDT reached $358 billion, only lower than a certain trading platform and Ethereum. This public chain has become one of the most competitive new forces in the stablecoin sector alongside a certain popular public chain.

A Certain L2: The Growth Champion Empowered by Exchanges

As an Ethereum L2 incubated by a certain exchange, this chain has seen significant growth in various metrics during this cycle. The market cap of stablecoins increased from $177 million on January 1, 2024, to $4.09 billion, a growth rate of 2210%, making it the largest increase among the top five public chains by market cap.

USDC is the most mainstream stablecoin on this chain, accounting for 97.8%. This chain also has the largest cumulative trading volume for USDC outside of Ethereum.

A New Emerging Public Chain: Derivative Whale's New Vault

As a new battleground for whale games, this chain has not been launched for long but shows great potential. In less than six months, its stablecoin market value reached $3.26 billion, surpassing several established public chains.

From the perspective of ecological applications, as a decentralized derivatives exchange, this chain primarily uses USDC for trading, accounting for 97.8%. It is noteworthy that the chain has recently added three new types of stablecoins. Although the current issuance and trading volume are not high, it opens new avenues for ecological applications.

Certain L2: Plummeting After Incentive Interruption

As a highly关注ed Ethereum L2, the market value of the chain's stablecoin has experienced significant fluctuations. In 2024, it increased from $2 billion to a peak of $6.9 billion, but at the beginning of 2025, it plummeted, quickly dropping to $2.73 billion in January. On January 2, $2 billion was withdrawn in a single day.

The decline may be attributed to three reasons: first, the termination of the previous round of incentives, resulting in about 50 protocol liquidity subsidies being cut off and market-making funds withdrawing; second, a stablecoin issuer announced the migration of the stablecoin on that chain to a new cross-chain standard; third, a high-yield competitive chain has promised high annualized returns and airdrop points for USDC/USDT, continuously attracting L2 assets.

Certain L1: USDC Migration and Payment Testbed

From 2024 to the present, the market value of stablecoins on this chain has risen from 1.26 billion to approximately 2.15 billion USD, an annual increase of nearly 70%. The key drivers are the native USDC issued by a certain stablecoin issuer and large payment companies piloting fiat and stablecoin settlements on the PoS chain, resulting in enterprise-level growth.

Currently, the on-chain stablecoins are primarily USDT and USDC, accounting for 40.79% and 47% market share, respectively.

Certain L1: Cost Reduction Fails to Achieve Explosive Growth

The chain has shown modest growth over the past year. Although the overall stablecoin market value increased by 79%, it stagnated after May 2024, fluctuating between 1 to 2 billion USD. The upgrade at the end of 2024 significantly reduced base fees, but it failed to provide sustained momentum, and it may require an overall improvement in the ecosystem's activity to drive stablecoin development.

A New Emerging Public Chain: The Dark Horse of the Move Ecosystem

The total market value of the on-chain stablecoin surpassed 1 billion USD in the first quarter of 2025, with an increase of 2408% by May, making it one of the fastest-growing public chains. As a MOVE ecological public chain, it competes with another emerging public chain. The on-chain stablecoin is mainly composed of USDT and USDC, accounting for approximately 62.39% and 32%, respectively. Considering that the native USDC only went live in January this year, the growth progress has been rapid.

A New Emerging Public Chain: A High-Growth Chain with 230 Times Growth

The stablecoin of this chain has the largest growth, increasing from 5 million USD at the beginning of 2024 to 1.156 billion USD on May 11, 2025, a growth rate of 230 times. USDC is the stablecoin with the highest issuance proportion, accounting for about 75%.

However, the scale of the ecological stablecoin is still small, and there are relatively few types. Attracting large funds to enter the market is a major growth issue faced. Recently, a certain DeFi project being hacked may affect the perception of security, presenting both opportunities and concerns.

A New Emerging Public Chain: Weak Growth Supported by Social Interaction

As a new recruit entering the battlefield in 2024, the chain has achieved rapid growth within a year. In April 2024, a stablecoin issuer announced the launch of a stablecoin on the chain, becoming its 15th supported network, aiming to attract a large number of users into the on-chain dollar payment ecosystem. After going live, wallets and trading bots were quickly integrated, allowing new users to send and receive stablecoins using their mobile phone numbers.

However, the ecosystem stablecoin experienced a brief surge before starting to decline, dropping from $1.4 billion at the beginning of the year to around $900 million. This may be related to the lack of new hotspots in the ecosystem.

Summary

The competitive landscape of public chain stablecoins is still changing rapidly. Ethereum and certain trading platforms maintain a first-mover advantage, but multiple popular public chains are emerging and eating into the leading market share. The issuance of new stablecoins is no longer limited to Ethereum. Although the MOVE ecosystem public chain has a short stablecoin minting time, its growth rate is significant.

The competition for stablecoins will become more intense in the future. Established public chains are facing the dual pressure of maintaining their market share while continuing to grow, while new public chains are entering a period of rapid market expansion. With global stablecoin legislation gradually being implemented, the story of stablecoins is just beginning.