2025年Stablecoin市场价值超过2450亿美元，Tron超过以太坊，成为最大的USDT发行链

截至5月22日，Stablecoins的总市场价值已超过2450亿美元。 Stablecoins快速增长的背后是一个战场，各种公共连锁店秘密竞争。

Author: Frank, PANews

作者：弗兰克，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已成为加密货币市场中最关心的地区。截至5月22日，Stablecoins的总市场价值已超过2450亿美元。 Stablecoins快速增长的背后是一个战场，各种公共连锁店秘密竞争。作为资产降水的最重要形式之一，稳定的不仅是资产流量变化的指标，而且是市场认可公共连锁店的重要衡量标准。

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名公共连锁店的稳定数据之后，Panews试图介绍公共链稳定剂的发展的全景。

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

以太坊：依靠USDC的增长率来维持一半的市场

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.

以太坊的稳定市场价值为1.25亿美元，占所有稳定发行的50％。以太坊上最受欢迎的Stablecoin仍然是USDT，约占50％。但是，从USDT的角度来看，以太坊的发行自2025年以来下降了。根据Panews统计数据，以太坊链上的USDT发行在2024年增长了83.1％，但截至2025年，截至5月21日，Ethereum的USDT发行量下降了5.07％。这也直接使Tron成为USDT发行的最大公共连锁店。

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，以太坊还是USDC发行的最大公共连锁店。截至5月22日，在以太坊上发行UDSC已达到369亿，占以太坊发行的60.82％。 2024年10月，在以太坊上发行USDC仅为252亿美元，大约半年中增长了46.4％。 USDC的大幅增长也已成为以太坊能够保留一半稳定市场的主要原因。

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

TRON：USDT发行最大的公共连锁店，也是最繁忙的链上的“分销中心”

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主要来自USDT，占99％以上，现在已成为发行USDT的最大公共连锁店。 Tron在全球Stablecoin市场中的总比例约为31.3％。根据加密数据，TRON的平均每日USDT交易量达到了约240万，而以太坊的数据仅为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网络每天平均处理200亿美元的USDT转让，占全球所有Stablecoin交易的近29％。在用户活动方面，每天有超过100万个独立帐户对TRON进行USDT交易，占所有区块链上所有活跃的Stablecoin钱包地址的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.

增长趋势：TRON的USDT供应将从2024年的488亿美元增加到597亿美元。 2025年，Tether将向TRON发行180亿美元的USDT，将TRON的USDT总供应量提高到777亿美元。原因是Tron的低费用和高交易速度使其成为大规模USDT交易的首选网络，尤其是零售用户和新兴市场所青睐的网络。

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创始人贾斯汀·孙与特朗普家族之间的密切合作还为特隆的Stablecoin前景提供了更多的可能性。 5月，特朗普家族项目WLFI（世界自由金融）的联合创始人Zack Witkoff表示，WLFI发行的美元Stablecoin USD1也将在Tron链上发行。贾斯汀·孙（Justin Sun）还在今年1月透露，他希望大大减少交易费用并最终实现免费转让。但是截至目前，该计划的下一步尚未透露。

Solana: An acceleration engine at high TPS

Solana：高TPS的加速发动机

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.

作为过去两年中最受欢迎的公共连锁店，Stablecoins也是Solana链上显着增长的选择之一。从2024年初开始的18亿美元，它的峰值上升到5月的131亿美元，增长了627％。无论是在大小还是增长速度方面，索拉纳都是不能忽视的稳定场中最新兴的力量。

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.

当然，Solana目前的Stablecoin市场价值约为114亿美元，远远远远远远远远远远远远远远超过了以太坊的10倍以上。但是，考虑到Solana的DEX交易量已经超过以太坊，但是稳定的发行仍然远远落后于以太坊，因此在Solana的生态系统中使用Stablecoins的应用尚未广泛。

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