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2025 stablecoin market landscape: 12 major public chains competing, Ethereum USDC strong, new public chains rising
2025 Stablecoin Market Overview: Competition in Public Chain Ecosystems
Stablecoins have become the focus of the cryptocurrency market in 2025, with a total market value exceeding 245 billion USD. As one of the main forms of asset accumulation, stablecoins not only reflect capital flow but also serve as an important indicator of the recognition of public chain markets. This article analyzes the stablecoin data of 12 major public chains and depicts the overall landscape of public chain stablecoin development.
Ethereum: USDC Growth Holds Half of the Market
The market value of Ethereum stablecoins is $122.5 billion, accounting for 50% of the total. USDT accounts for 50% of it, but the issuance amount will decrease by 5.07% in 2025. USDC's issuance on Ethereum reached 36.9 billion, increasing by 46.4% in six months, becoming the key to maintaining Ethereum's stablecoin advantage.
A Certain Public Chain: USDT's Largest Issuance Platform, a Busy "Distribution Hub" for On-Chain USD
99% of the stablecoins on this chain come from USDT, making it the largest issuance platform for USDT, accounting for 31.3% of the global market. The daily average transaction volume is 2.4 million, far exceeding Ethereum. The daily trading volume is $20 billion, accounting for 29% of the global market. There are over 1 million active accounts daily, accounting for 28%. By 2025, the supply of USDT is expected to increase to $77.7 billion, with low fees and high speed attracting retail investors and emerging markets.
Solana: The Acceleration Engine Under High TPS
Solana stablecoin is expected to grow by 627% in 2024, reaching $13.1 billion. Although there is a large gap compared to the leaders, the growth rate is significant. USDC accounts for 73%, while USDT is at 20%. A stablecoin issued by a major payment giant has $200 million in Solana, second only to Ethereum.
A certain trading platform public chain: Zero Gas and new stablecoin dual drive
The chain accounts for 2.4% of the global market, with a growth of 150% in 2024. Zero Gas activities and new stablecoins drive the two growth phases. A new stablecoin has 99.26% issued here, with a total amount of 2.1 billion USD. USDT accounts for 59%. The share of DEX trading rose from less than 10% in April to 28%.
Base: The growth champion empowered by a large exchange
Base increased by 2210% since January 2024, reaching $4.09 billion. USDC accounts for 97.8%, making it the largest public chain by USDC trading volume, excluding Ethereum.
Hyperliquid: The New Vault for Derivatives Whales
In the past six months, the market value of stablecoins has reached 3.26 billion USD, leading several established public chains. USDC accounts for 97.8%, mainly used for derivative trading. Recently, multiple new stablecoins have been added to expand ecosystem applications.
Arbitrum: A big plunge after the incentives end
In 2024, it will grow to 6.9 billion USD, and by early 2025, it will drop to 2.73 billion USD. The main reasons are the termination of incentives, the migration standards of USDT, and the absorption of assets by competing chains.
Polygon: USDC Migration and Payment Experiment
The market value increased to $2.15 billion, nearly a 70% increase. The launch of native USDC and pilot programs by large payment companies fueled the growth. USDT and USDC account for 40.79% and 47%, respectively.
Avalanche: The decrease in fees has not led to a surge
Growth of 79%, but tending to flatten. A 96% reduction in base fees failed to sustain momentum.
Aptos: The Dark Horse of the Move Ecosystem
In the first quarter of 2025, it surpassed $1 billion, with a total increase of 2408%. USDT accounts for 62.39%, and USDC 32%.
Sui: The Rising Star with 230x Growth
Increased by 230 times to $1.156 billion. USDC accounts for 75%. Facing challenges in attracting large funds and security.
A certain social chain: Social support for growth is weak
USDT experienced rapid growth in the early stages, but it will drop to $900 million by 2025. There is a lack of new hotspots or influences for growth.
Conclusion
The competition landscape for public chain stablecoins is changing rapidly. Traditional public chains maintain their advantages, while emerging public chains are rising quickly. With the global stablecoin legislation coming into effect, competition will become more intense, and the stablecoin market is entering a new stage.