Ethereum and TRON control 84% of stablecoin market, CoinGecko says

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 approximately 84%, valued at $144.4 billion as of September.

According to estimates from crypto 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.

Total market cap of stablecoins according to Blockchain | Source: CoinGecko

The report states that although Ethereum’s stablecoin supply increased by $17.2 billion in 2024, its market share decreased due to the collapse of Terra’s stablecoin UST, the onset of the bear market, and the proliferation of layer 2 solutions during this time.

TRON’s dominance is driven by strong demand for Tether (USDT), which accounts for 98.3% of stablecoins on the network. However, market share fell from 37.9% at the beginning of the year, despite a 21.6% supply increase.

Stablecoins are reshaping the global financial landscape

Third-ranked BNB Chain (formerly BNB Smart Chain) saw its share fall to 2.9% following regulatory challenges around Binance USD (BUSD), which reduced the chain’s stablecoin supply by 61% since May 2022. Meanwhile, emerging blockchains like Coinbase Base are gaining ground, indicating the diversification of the stablecoin landscape, increasing stablecoin supply by 1,941.5% in 2024.

Monthly network-adjusted stablecoin transaction volume | Source: Castle Island Ventures

Stablecoins are playing an increasingly central role in global finance, processing $3.7 trillion in transactions in 2023 and predicted to reach $5.28 trillion by the end of 2024. As Crypto.news previously reported, data collected by Castle Island Ventures and Brevan Howard Digital revealed growing use of stablecoins beyond exchange payments, particularly in emerging markets where they are used for savings, currency conversion and yield generation.

Researchers who surveyed more than 2,540 crypto users in Nigeria, Indonesia, Turkey, Brazil and India found that trading crypto or non-fungible tokens remains the most popular use case for stablecoins, with non-crypto purposes not far behind.