Author: Frank, PANews
In 2025, stablecoins have become the most focused area in the crypto market. As of May 22, the total market value of stablecoins has exceeded $245 billion. Behind the rapid growth of stablecoins lies a competitive battlefield among various public chains. As one of the primary forms of asset precipitation, stablecoins are not only an indicator of asset flow but also an important measure of market acceptance for public chains. PANews analyzed stablecoin data from the top 12 public chains, attempting to outline a comprehensive landscape of stablecoin development.
Ethereum: Maintaining Half the Market with USDC Growth
Ethereum's stablecoin market value is $122.5 billion, accounting for 50% of total stablecoin issuance. USDT remains the highest proportion on Ethereum, accounting for about 50%. However, from USDT's perspective, Ethereum's issuance has declined after entering 2025. According to PANews statistics, USDT's issuance on Ethereum grew by 83.1% throughout 2024, but from January 1 to May 21, 2025, USDT issuance on Ethereum decreased by 5.07%. This directly led to TRON becoming the largest USDT issuance chain.
[The translation continues in the same manner for the entire text, maintaining the specified translations for specific terms and preserving the structure of the original text.]From the perspective of ecological applications, Hyperliquid, as a decentralized derivatives exchange, primarily uses USDC as the trading object. Therefore, USDC is the largest stablecoin on Hyperliquid, accounting for 97.8%. However, it is worth noting that as a public chain, Hyperliquid has recently added feUSD, USDT, and USDe to its stablecoin varieties. Although the current issuance and trading volumes are not high, it has opened up some new ports for the public chain ecosystem.
Arbitrum: Steep Decline After Incentive Interruption
As a highly anticipated Ethereum L2, Arbitrum's stablecoin market value has experienced significant ups and downs in this cycle. In 2024, Arbitrum's stablecoin market value grew from $2 billion to a peak of $6.9 billion. However, in early 2025, Arbitrum's stablecoin market value experienced a steep decline, rapidly dropping to $2.73 billion in January. On January 2nd, the daily outflow decreased by $2 billion.
This significant decline may primarily stem from three reasons: first, on December 17th, the previous round of Incentives Detox terminated, with liquidity subsidies from about 50 protocols being cut off simultaneously, causing market-making funds to collectively withdraw after rewards expired. Second, Tether announced the migration of USDT on Arbitrum to the new cross-chain standard "USDT0" starting January 29th. Additionally, the high-yield competitive chain Blast's deposit contracts promised 5% annual yield + Airdrop Points for USDC/USDT, continuously attracting L2 assets since its launch in late November.
Polygon: USDC Migration and Payment Testbed
From 2024 to date, Polygon's stablecoin market value has increased from $1.26 billion to approximately $2.15 billion, growing nearly 70% year-on-year. The key driving force comes from Circle's native USDC landing and giants like Visa and Mastercard piloting fiat and stablecoin settlements on the PoS chain, bringing enterprise-level incremental growth.
Currently, stablecoin shares on the Polygon chain are dominated by USDT and USDC, accounting for 40.79% and 47% of the market, respectively.
Avalanche: Reduced Fees Fail to Achieve Explosive Growth
Avalanche's growth has been somewhat bland over the past year. Although the overall stablecoin market value has grown by 79%, the growth has been stagnant since May 2024, oscillating between $1 billion and $2 billion. At the end of 2024, the Avalanche 9000 upgrade reduced C-Chain base fees by 96%, significantly lowering small transfer and batch settlement costs for stablecoins. However, this positive development has not sustained momentum for Avalanche, and perhaps only an overall increase in ecosystem activity can truly drive stablecoin development.
Aptos: Momentum Dark Horse of Move Ecosystem
Aptos's total stablecoin market value first exceeded $1 billion in the first quarter of 2025. From 2024 to May, the overall growth reached 2,408%, making it one of the fastest-growing public chains. As a Move ecosystem public chain, Aptos and Sui are both emerging competitors. Stablecoins on Aptos are primarily composed of USDT and USDC, with USDT accounting for about 62.39% and USDC about 32%. Given that native USDC only went live on Aptos in January 2025, this growth progress is already quite rapid.
Sui: 230-Fold Growth High-Speed Chain
Sui's stablecoin growth is the largest among all public chains. In early 2024, Sui network's stablecoin market value was only around $5 million, but by May 2025, it had grown to $1.156 billion, a staggering 230-fold increase. Currently, USDC is the highest-issued stablecoin on the Sui network, accounting for about 75%.
However, the scale of stablecoins in the Sui ecosystem is not yet high, and the variety of issued stablecoins is limited. Attracting more significant capital remains the primary growth challenge for the Sui ecosystem. The Cetus theft incident on May 22nd may also somewhat shake confidence in its security, presenting a situation of both opportunities and concerns.
TON: Social Support from Telegram Yields Weak Growth
TON, as a newcomer to the battlefield in 2024, has also achieved relatively rapid growth. In April 2024, Tether announced synchronous issuance of USDT and XAUT on the TON chain, becoming its 15th supported network, aiming to directly introduce Telegram's 900 million users into the on-chain dollar payment ecosystem. After launch, wallets and various Telegram trading bots quickly integrated, allowing new users to send and receive USDT with just a phone number. This provided a foundation for stablecoin growth in the TON ecosystem. By June 2024, USDT issuance on TON had reached $519 million.
However, stablecoin growth in the TON ecosystem began to decline in 2025 after a short-term rise, dropping from $1.4 billion at the beginning of the year to around $900 million. This may be related to the lack of significant highlights in the TON ecosystem after click-based mini-games.
Conclusion
Currently, the competitive landscape of public chain stablecoins is still rapidly changing. Although Ethereum, TRON, and other public chains still have significant first-mover advantages, the rise of popular public chains like Solana and BSC is gradually eroding the market share of top players. The issuance of new stablecoins like USD1 is no longer limited to Ethereum. Move ecosystem public chains like Aptos and Sui, as newer public chains, have shorter stablecoin minting times but show clear growth advantages.
It can be foreseen that stablecoin competition will become more intense. For established public chains, it means the dual pressure of maintaining market share while continuing to grow. For new public chains, it represents a rapid expansion period of market wild growth. As stablecoin legislation gradually takes shape globally, the story of stablecoins has only just begun.
