Data collected by CoinGecko reveals that ethereum and TRON dominate the stablecoin market, holding a combined $144.4 billion, or 83.9%, of all stablecoins.
Blockchain networks ethereum and TRON continue to dominate the stablecoin market, with a combined share of nearly 84%, valued at $144.4 billion as of September.
According estimates According to cryptocurrency price aggregator CoinGecko, ethereum leads with $84.6 billion, or 49.1% of the total stablecoin supply, while TRON follows closely with $59.8 billion, accounting for 34.8%. % of the market.
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Even though ethereum stablecoin supply increased by $17.2 billion in 2024, its market share declined due to the collapse of Terra's UST stablecoin, the onset of the bear market, and the proliferation of workarounds. of layer 2 during that time, the report reads.
TRON's dominance is due to strong demand for Tether (USDT), which makes up 98.3% of the network's stablecoins. However, its market share fell from 37.9% at the beginning of the year despite a supply increase of 21.6%.
Stablecoins reshaping the global financial landscape
Third-place BNB Chain (formerly BNB Smart Chain) has seen its share fall to 2.9% following regulatory challenges around Binance USD (BUSD), which reduced the chain's stablecoin supply in up 61% since May 2022. Meanwhile, emerging blockchains like Coinbase's Base, which increased its stablecoin supply by 1,941.5% in 2024, are gaining traction, indicating a diversified stablecoin landscape .
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Stablecoins are playing an increasingly central role in global finance, having settled $3.7 trillion in transactions in 2023 and are projected to reach $5.28 trillion by the end of 2024. As previously reported by crypto. news, data collected by Castle Island Ventures and Brevan Howard Digital revealed surging growth. use of stablecoins beyond exchange settlement, particularly in emerging markets where they are used for savings, currency conversion and yield generation.
After surveying more than 2,540 cryptocurrency users in Nigeria, Indonesia, Turkey, Brazil and India, researchers found that while trading cryptographic or non-fungible tokens remains the most popular use of stablecoins, unrelated purposes with cryptocurrencies they are not far behind.
