Stablecoin supply, by chain
Where the world's $303B of stablecoins actually sits, and why two chains hold four dollars in five.
| Chain | Supply | Share |
|---|---|---|
| Ethereum | $152.5B | 50.3% |
| Tron | $89.0B | 29.3% |
| Solana | $15.3B | 5.0% |
| BNB Chain | $13.7B | 4.5% |
| Hyperliquid | $5.9B | 2.0% |
| Base | $4.9B | 1.6% |
| Everything else | $21.9B | 7.3% |
Two chains hold roughly four of every five stablecoin dollars. Ethereum still leads with about half the supply, the settlement layer for the largest issuers and the deepest DeFi liquidity. Tron is the quieter story at nearly 30%: it has become the default rail for cheap USDT transfers across emerging markets, where the fee to move a dollar matters more than the brand of the chain.
Everything after the top two is a rounding error by comparison. Solana, BNB Chain and the newer L2s each hold low-single-digit shares, and the entire long tail of chains together holds less than Tron alone.
Stablecoins concentrate where transfers are cheap and liquidity is deep, not where the technology is newest. The map of stablecoin supply is a map of where dollars actually move.
Sources & method
Figures are a point-in-time snapshot pulled on 2 July 2026 from DefiLlama, stablecoins by chain. Shares are each segment's value divided by the tracked total. A snapshot moves with prices and reporting, so read the shape, not the last decimal.