2025 Stablecoin Overview: A Comprehensive Perspective on 12 Public Chain Ecosystems

In 2025, stablecoins have become the most prominent area in the cryptocurrency market. As of May 22, the total market capitalization of stablecoins has surpassed $245 billion. Behind this rapid growth, various public chains are secretly vying for position, engaging in fierce competition. As one of the main forms of asset accumulation, stablecoins are not only an important indicator of capital flow but also reflect the recognition of various public chains in the market. This article provides an in-depth analysis of the stablecoin data from the top 12 public chains, attempting to outline the overall development picture of public chain stablecoins.

Ethereum: Relying on USDC to Maintain Half of the Market Share

The market capitalization of Ethereum's stablecoin has reached $122.5 billion, accounting for 50% of the total stablecoin issuance. Among them, USDT has the highest share, approximately 50%. However, from the perspective of USDT, the issuance on Ethereum is showing a downward trend at the beginning of 2025. Data shows that the issuance of USDT on the Ethereum chain increased by 83.1% throughout 2024, but entering 2025, as of May 21, the issuance of USDT on Ethereum has decreased by 5.07%. This directly led to a trading platform becoming the largest issuing public chain for USDT.

Apart from USDT, Ethereum is also the largest public blockchain for the issuance of USDC. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for as much as 60.82%. Compared to 25.2 billion dollars in October 2024, it has grown by 46.4% within half a year. The significant growth of USDC has become a key factor for Ethereum to maintain its dominance in the stablecoin market.

A Trading Platform: USDT's Maximum Issuance Public Chain, the Dollar "Distribution Hub"

The stablecoin of a certain trading platform is primarily based on USDT, accounting for over 99%, and has now become the largest issuing public chain of USDT. The platform has a total market share of approximately 31.3% in the global stablecoin market. Data shows that the daily average trading volume of USDT on this platform is about 2.4 million transactions, while Ethereum is only 284,000.

In terms of transaction volume, the network processes an average of $20 billion in USDT transfers daily, accounting for nearly 29% of the global stablecoin trading volume. In terms of user activity, over 1 million unique accounts conduct USDT transactions on the platform daily, representing 28% of all active stablecoin wallet addresses on the blockchain.

In terms of growth trends, the platform's USDT supply increased from 48.8 billion USD in 2024 to 59.7 billion USD. In 2025, an additional 18 billion USD of USDT was issued, bringing the total supply to 77.7 billion USD. This is mainly attributed to the platform's low fees and high transaction speeds, making it the preferred network for a large volume of USDT transactions, especially favored by retail users and emerging markets.

In addition, the collaboration between the platform's founder and the Trump family has provided more possibilities for the prospects of its stablecoin. In May, a co-founder of the Trump family project WLFI stated that the USD stablecoin USD1 issued by WLFI will be natively issued on this blockchain. The platform's founder also revealed in January of this year that they hope to significantly reduce transaction fees and ultimately achieve free transfers. However, as of now, the next steps for this plan have not been announced.

Certain Public Chain: Acceleration Engine Under High TPS

As one of the hottest public chains in the past two years, stablecoins have also seen significant growth on this chain. From 1.8 billion USD at the beginning of 2024, it rose to a peak of 13.1 billion USD in May, an increase of 627%. In terms of both scale and growth rate, this public chain is an emerging force in the stablecoin field that cannot be ignored.

Currently, the total market value of the stablecoin on this public chain is approximately $11.4 billion. Although there is still a significant gap compared to certain trading platforms and Ethereum, especially with more than a 10-fold difference compared to Ethereum. However, considering that the DEX trading volume on this public chain has exceeded that of Ethereum, while the issuance of stablecoins is still far lower than that of Ethereum, it indicates that there is still room for improvement in the adoption of stablecoins within this ecosystem.

From an internal structure perspective, USDC is the preferred stablecoin on the chain, accounting for 73% of the market share. The share of USDT is about 20%. PYUSD issued by PayPal currently has a market value of 200 million USD on the chain, second only to Ethereum, with a share of about 24.36%. This public chain is now one of the top options for many new types of stablecoins.

A certain trading platform public chain: zero Gas and USD1 dual drive

By May 2025, this chain will account for approximately 2.4% of the global stablecoin market share. Its stablecoin market value has grown from 4 billion USD in 2024 to about 10 billion USD currently, an increase of approximately 150%. The growth is mainly concentrated in two periods: from November 2024 to January 2025, increasing from 5 billion USD to 7 billion USD; and from the end of April 2025 to May, rapidly rising from 7 billion USD to 9 billion USD. Analysis indicates that the first growth may stem from the zero GAS fee promotion launched by this chain, while the second is driven by the issuance of the USD1 stablecoin on this chain. Currently, 99.26% of the USD1 issuance is on this chain, with a total amount of about 2.1 billion USD.

The proportion of the two stablecoins previously promoted by the chain has decreased to about 3% in total. The issuance of USDT accounts for about 59%, while USD1 accounts for about 21%.

Data shows that with the recent increase in popularity of a certain wallet, the proportion of stablecoin DEX trading on the chain has risen from less than 10% in April to 28%, nearly on par with the proportion of centralized exchanges.

In addition, in May, the chain accounted for 38.1% of all chains in terms of stablecoin transaction volume, ranking first. In terms of cumulative USDT trading volume, it reached $358 billion, only lower than a certain trading platform and Ethereum. It can be said that in the stablecoin sector, this chain and a certain public chain have become the most competitive new forces.

Certain Exchange Public Chain: The Growth Champion Empowered by the Exchange

As an Ethereum L2 incubated by a certain exchange, this chain has achieved significant growth in various data points during this cycle, and the same goes for the stablecoin sector. In terms of stablecoin market capitalization, it grew from $177 million in January 2024 to $4.09 billion, with a growth rate of 2210%, making it the largest increase among the top five public chains by stablecoin market capitalization.

USDC is the most mainstream stablecoin on this chain, accounting for 97.8%. This chain also has the largest cumulative trading volume for USDC outside of Ethereum.

A Derivatives Trading Platform: The New Vault of Derivatives Whales

As a new battleground for whales, this platform has shown great potential despite its short launch time. In less than six months, its stablecoin market value has reached 3.26 billion USD, surpassing several established public chains.

From an ecological application perspective, the platform, as a decentralized derivatives exchange, primarily uses USDC as the trading object. Therefore, USDC is the largest stablecoin on the platform, accounting for 97.8%. It is worth noting that, as a public chain, the platform has recently added feUSD, USDT, and USDe in terms of stablecoin types. Although the current issuance and trading volume are not high, it opens up new possibilities for the application of the public chain ecosystem.

Certain L2 Public Chain: Plummeting After Incentive Interruption

As a highly watched Ethereum L2, the market value of the stablecoin on this chain experienced significant ups and downs during this cycle. Throughout 2024, it grew from $2 billion to a peak of $6.9 billion. However, at the beginning of 2025, it faced a sharp decline, quickly dropping to $2.73 billion in January. On January 2 alone, the outflow volume decreased by $2 billion.

This significant decline may be attributed to three reasons: First, the termination of the previous round of incentives on December 17, which caused liquidity subsidies for about 50 protocols to abruptly "cut off," leading market-making funds to concentrate their withdrawal after the rewards expired. Second, a company announced that starting January 29, it would migrate USDT on that chain to a new cross-chain standard. Third, high-yield competitive chains are promising 5% annualized returns on USDC/USDT plus additional rewards, continuously attracting L2 assets since its launch at the end of November.

A Certain Polygon Chain: USDC Migration and Payment Testbed

From 2024 to the present, the market value of stablecoins on the chain has risen from 1.26 billion to approximately 2.15 billion USD, with an annual increase of nearly 70%. The key driving force comes from the launch of a certain company's native USDC and several payment giants piloting fiat and stablecoin settlements on the chain, bringing enterprise-level growth.

Currently, the stablecoin share on the chain is dominated by USDT and USDC, accounting for 40.79% and 47% of the market, respectively.

A certain avalanche public chain: cost reduction failed to achieve explosive growth

The growth of this chain has appeared lackluster over the past year. Although the overall market capitalization of stablecoins has increased by 79%, growth has stagnated since May 2024, fluctuating between 1 billion and 2 billion. The upgrade at the end of 2024 reduced base fees by 96%, significantly lowering the costs of small transactions and batch settlements for stablecoins. However, this favorable development has not continued to provide momentum, and perhaps only an overall increase in ecosystem activity can truly drive the development of stablecoins.

A Certain Move Public Chain: The Dark Horse of the Move Ecosystem

The total market value of stablecoins on the chain surpassed $1 billion for the first time in the first quarter of 2025, with an overall increase of 2408% from 2024 to May, making it one of the fastest-growing public chains. As a public chain of the MOVE ecosystem, this chain and another Move public chain are emerging competitors. The on-chain stablecoins are mainly composed of USDT and USDC, with USDT accounting for about 62.39% and USDC accounting for about 32%. Given that the native USDC only started going live on the chain in January 2025, this growth progress has been quite rapid.

Another Move Public Chain: A High-Speed Growth Chain with 230 Times Growth

The growth of stablecoins on this chain is the largest among all public chains. At the beginning of 2024, the market value of stablecoins on the network was only around 5 million dollars, and by May 2025, it grew to 1.156 billion dollars, an astonishing increase of 230 times. Currently, USDC is the most issued stablecoin on this network, accounting for about 75%.

However, the current size of the stablecoin in this ecosystem is not very large, and there are relatively few types of issuance. How to attract more large funds to enter the market is the main growth issue facing this ecosystem. In addition, an event that occurred on May 22 will also affect people's confidence in its security to some extent, presenting both opportunities and concerns.

A Certain Communication Public Chain: Weak Growth Supported by Social Interaction

The chain also joins the battlefield as a new player in 2024, achieving rapid growth within a year. In April 2024, a certain company announced the simultaneous issuance of USDT and XAUT on this chain, becoming its 15th supported network, with the goal of directly bringing 900 million users of a certain messaging software into the on-chain dollar payment ecosystem. After the launch, wallets and various trading bots were quickly integrated, allowing new users to receive and pay USDT with their mobile phone with no barriers. This laid the foundation for the growth of stablecoins in this ecosystem. By June 2024, the issuance of USDT on the chain reached $519 million.

However, the growth of stablecoins in this ecosystem began to decline after a rapid increase in a short period, currently falling from $1.4 billion at the beginning of the year to around $900 million. This may be related to the lack of significant hotspots in this ecosystem after the click mini-games.

Conclusion

Currently, the competitive landscape of stablecoins on public chains is still undergoing rapid changes. Although Ethereum and certain trading platforms still have a significant first-mover advantage, the rise of several popular public chains like certain public chains and certain trading platform public chains is gradually eating into the top market share. Additionally, the issuance of new stablecoins like USD1 is no longer limited to Ethereum. Meanwhile, the two Move ecosystem public chains, as newer public chains, have a shorter stablecoin minting history but show a clear advantage in growth rate.

It is foreseeable that the competition of stablecoins