2025年Stablecoin市場價值超過2450億美元，Tron超過以太坊，成為最大的USDT發行鏈

截至5月22日，Stablecoins的總市場價值已超過2450億美元。 Stablecoins快速增長的背後是一個戰場，各種公共連鎖店秘密競爭。

Author: Frank, PANews

作者：弗蘭克，潘尤斯

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.

2025年，Stablecoins已成為加密貨幣市場中最關心的地區。截至5月22日，Stablecoins的總市場價值已超過2450億美元。 Stablecoins快速增長的背後是一個戰場，各種公共連鎖店秘密競爭。作為資產降水的最重要形式之一，穩定的不僅是資產流量變化的指標，而且是市場認可公共連鎖店的重要衡量標準。

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.

在分析了前12名公共連鎖店的穩定數據之後，Panews試圖介紹公共鏈穩定劑的發展的全景。

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

以太坊：依靠USDC的增長率來維持一半的市場

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.

以太坊的穩定市場價值為1.25億美元，佔所有穩定發行的50％。以太坊上最受歡迎的Stablecoin仍然是USDT，約佔50％。但是，從USDT的角度來看，以太坊的發行自2025年以來下降了。根據Panews統計數據，以太坊鏈上的USDT發行在2024年增長了83.1％，但截至2025年，截至5月21日，Ethereum的USDT發行量下降了5.07％。這也直接使Tron成為USDT發行的最大公共連鎖店。

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.

除了USDT之外，以太坊還是USDC發行的最大公共連鎖店。截至5月22日，在以太坊上發行UDSC已達到369億，佔以太坊發行的60.82％。 2024年10月，在以太坊上發行USDC僅為252億美元，大約半年中增長了46.4％。 USDC的大幅增長也已成為以太坊能夠保留一半穩定市場的主要原因。

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

TRON：USDT發行最大的公共連鎖店，也是最繁忙的鏈上的“分銷中心”

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.

Tron的Stablecoins主要來自USDT，佔99％以上，現在已成為發行USDT的最大公共連鎖店。 Tron在全球Stablecoin市場中的總比例約為31.3％。根據加密數據，TRON的平均每日USDT交易量達到了約240萬，而以太坊的數據僅為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.

在交易量方面，TRON網絡每天平均處理200億美元的USDT轉讓，佔全球所有Stablecoin交易的近29％。在用戶活動方面，每天有超過100萬個獨立帳戶對TRON進行USDT交易，佔所有區塊鏈上所有活躍的Stablecoin錢包地址的28％。

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.

增長趨勢：TRON的USDT供應將從2024年的488億美元增加到597億美元。 2025年，Tether將向TRON發行180億美元的USDT，將TRON的USDT總供應量提高到777億美元。原因是Tron的低費用和高交易速度使其成為大規模USDT交易的首選網絡，尤其是零售用戶和新興市場所青睞的網絡。

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.

此外，Tron創始人賈斯汀·孫與特朗普家族之間的密切合作還為特隆的Stablecoin前景提供了更多的可能性。 5月，特朗普家族項目WLFI（世界自由金融）的聯合創始人Zack Witkoff表示，WLFI發行的美元Stablecoin USD1也將在Tron鏈上發行。賈斯汀·孫（Justin Sun）還在今年1月透露，他希望大大減少交易費用並最終實現免費轉讓。但是截至目前，該計劃的下一步尚未透露。

Solana: An acceleration engine at high TPS

Solana：高TPS的加速發動機

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.

作為過去兩年中最受歡迎的公共連鎖店，Stablecoins也是Solana鏈上顯著增長的選擇之一。從2024年初開始的18億美元，它的峰值上升到5月的131億美元，增長了627％。無論是在大小還是增長速度方面，索拉納都是不能忽視的穩定場中最新興的力量。

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.

當然，Solana目前的Stablecoin市場價值約為114億美元，遠遠遠遠遠遠遠遠遠遠遠遠遠遠超過了以太坊的10倍以上。但是，考慮到Solana的DEX交易量已經超過以太坊，但是穩定的發行仍然遠遠落後於以太坊，因此在Solana的生態系統中使用Stablecoins的應用尚未廣泛。

From the

來自