2025 Stablecoin Market Value Exceeds 245 Billion US Dollars, TRON Overtakes Ethereum to Become the Largest USDT Issuance Chain

As of May 22, the total market value of stablecoins has exceeded 245 billion US dollars. Behind the rapid growth of stablecoins is a battlefield where various public chains compete secretly.

Author: Frank, PANews

In 2025, stablecoins have become the most concerned area in the crypto market. As of May 22, the total market value of stablecoins has exceeded 245 billion US dollars. Behind the rapid growth of stablecoins is a battlefield where various public chains compete secretly. As one of the most important forms of asset precipitation, stablecoins are not only an indicator of changes in asset flows, but also an important measure of the market recognition of public chains.

After analyzing the stablecoin data of the top 12 public chains, PANews tries to present a panoramic view of the development of public chain stablecoins.

Ethereum: Relying on USDC's growth rate to maintain half of the market

Ethereum's stablecoin market value is 122.5 billion US dollars, accounting for 50% of all stablecoin issuance. The most popular stablecoin on Ethereum is still USDT, accounting for about 50%. However, from the perspective of USDT, Ethereum's issuance has declined since 2025. According to PANews statistics, the issuance of USDT on the Ethereum chain increased by 83.1% in 2024, but in 2025, as of May 21, Ethereum's USDT issuance has dropped by 5.07%. This also directly makes TRON the largest public chain for USDT issuance.

In addition to USDT, Ethereum is also the largest public chain for USDC issuance. As of May 22, the issuance of UDSC on Ethereum has reached 36.9 billion, accounting for 60.82% of Ethereum's issuance. In October 2024, the issuance of USDC on Ethereum was only 25.2 billion US dollars, an increase of 46.4% in about half a year. The substantial growth of USDC has also become the main reason why Ethereum has been able to retain half of the stablecoin market.

TRON: The largest public chain for USDT issuance and the busiest on-chain USD “distribution hub”

Tron's stablecoins mainly come from USDT, accounting for more than 99%, and it has now become the largest public chain issuing USDT. Tron's total share of the global stablecoin market is about 31.3%. According to CryptoQuant data, Tron's average daily USDT transaction volume reached about 2.4 million, while Ethereum's data was only 284,000.

In terms of transaction volume, the Tron network processes an average of $20 billion worth of USDT transfers per day, accounting for nearly 29% of all stablecoin transactions worldwide. In terms of user activity, more than 1 million independent accounts conduct USDT transactions on Tron every day, accounting for 28% of all active stablecoin wallet addresses on all blockchains.

Growth trend: The supply of USDT on TRON will increase from $48.8 billion in 2024 to $59.7 billion. In 2025, Tether will issue an additional $18 billion of USDT on TRON, bringing the total supply of USDT on TRON to $77.7 billion. The reason is that TRON's low fees and high transaction speed make it the preferred network for large-scale USDT transactions, especially favored by retail users and emerging markets.

In addition, the close cooperation between Tron founder Justin Sun and the Trump family also provides more possibilities for the stablecoin prospects of Tron. In May, Zack Witkoff, co-founder of the Trump family project WLFI (World Liberty Financial), said that the US dollar stablecoin USD1 issued by WLFI will also be issued natively on the Tron chain. Justin Sun also revealed in January this year that he hopes to significantly reduce transaction fees and eventually achieve free transfers. But as of now, the next step of the plan has not been revealed.

Solana: An acceleration engine at high TPS

As the most popular public chain in the past two years, stablecoins are also one of the options with significant growth on the Solana chain. From $1.8 billion at the beginning of 2024, it has increased to a peak of $13.1 billion in May, an increase of 627%. Whether in terms of size or growth rate, Solana is the most emerging force in the stablecoin field that cannot be ignored.

Of course, Solana’s current total stablecoin market value is about $11.4 billion, which is still far behind TRON and Ethereum, especially more than 10 times that of Ethereum. However, considering that Solana’s DEX transaction volume has exceeded Ethereum, but the issuance of stablecoins is still far behind Ethereum, the application of stablecoins in Solana’s ecosystem is not yet widespread.

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