The latest on-chain data shows that stablecoin expansion is still mainly concentrated on the Ethereum and Tron public chains, but the use cases they serve have clearly diverged. Ethereum continues to absorb new funds and institutional activity, while Tron maintains its advantage in low-cost transfers and high-frequency payments.
Ethereum saw the largest increase in scale.
According to Token Terminal data, Ethereum's new stablecoin supply has increased by approximately $102.4 billion over the past three years, bringing the total supply to between $158 billion and $177 billion. Based on DeFiLlama's tracking data, Ethereum currently accounts for about half of the global stablecoin market.
This means that new stablecoin issuance, on-chain liquidity, and related financial activities will continue to prioritize the Ethereum ecosystem. The network's position in DeFi, tokenized assets, and institutional participation continues to support the expansion of its stablecoin portfolio.
Tron supports large and high-frequency transfers.
Tron ranks second. Data shows that in the past three years, Tron has added approximately $43.1 billion in stablecoin supply, bringing the total to approximately $90 billion, with the growth mainly driven by USDT.
- The total number of accounts is approximately 385 million.
- The cumulative number of transactions is approximately 14.3 billion.
- Peak throughput is approximately 285 transactions per second.
Supported by lower transaction costs and higher processing capacity, TRON continues to meet the demand for stablecoin payments and high-frequency transactions, especially in emerging markets.
The division of labor between the two chains has become clearer.
From the current structure, Ethereum is more like an asset layer for stablecoins and a center for financial activities, while Tron is more inclined towards a payment and settlement network. The former focuses on DeFi, tokenized assets, and institutional use, while the latter serves a larger volume of daily transfers and payments.
This data also reflects that the real-world use cases for stablecoins are expanding, no longer focusing solely on crypto transactions, but gradually covering different needs such as on-chain finance, cross-border transfers, and daily payments.
