Ethereum and TRON Dominate the Stablecoin Market, Holding a Combined $144.4 Billion

Data gathered by CoinGecko reveals that Ethereum and TRON dominate the stablecoin market, holding a combined $144.4 billion, or 83.9%, of all stablecoins.

Data collated by CoinGecko shows that Ethereum and TRON lead the stablecoin market, collectively housing $144.4 billion, or 83.9%, of all stablecoins.

Blockchain networks Ethereum and TRON maintained their dominance in the stablecoin market, together accounting for almost 84% of the total supply valued at $144.4 billion, as of September, according to data from crypto price aggregator CoinGecko.

While Ethereum took the lead with $84.6 billion, representing 49.1% of the total stablecoin supply, TRON followed closely with $59.8 billion, commanding 34.8% of the market share.

Despite seeing a $17.2 billion increase in its stablecoin supply in 2024, Ethereum's market share slipped owing to the collapse of Terra’s stablecoin UST, the onset of the bear market, and the proliferation of layer 2 solutions during that time, the report noted.

On the other hand, TRON's dominance can be attributed to the high demand for Tether (USDT), which constitutes 98.3% of the stablecoins on the network. However, its market share fell from 37.9% earlier in the year, despite seeing a 21.6% increase in its supply.

Stablecoins reshape global finance landscape

Ranking third, BNB Chain (formerly BNB Smart Chain) saw its share drop to 2.9% following regulatory challenges around Binance USD (BUSD), which saw the chain’s stablecoin supply decrease by 61% since May 2022. Meanwhile, emerging blockchains like Coinbase’s Base, which saw its stablecoin supply grow by 1,941.5% in 2024, are gaining ground, indicating a diversifying stablecoin landscape.

Stablecoins are becoming increasingly central to global finance, having settled $3.7 trillion in transactions in 2023 and set to reach $5.28 trillion by the end of 2024. As reported by crypto.news earlier, data collated by Castle Island Ventures and Brevan Howard Digital showed growing use cases for stablecoins beyond exchange settlement, especially in emerging markets where they are being used for savings, currency conversion, and yield generation.

Surveying over 2,540 crypto users across Nigeria, Indonesia, Turkey, Brazil, and India, the researchers found that while trading crypto or non-fungible tokens remains the most popular use for stablecoins, non-crypto purposes are not far behind.

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