Data from Artemis shows that Ethereum holds $168.7 billion in stablecoins, accounting for 53.9% of the total supply across monitored networks. Tron ranks second with $86.7 billion, or 27.7%, while all other blockchains combined make up about 18%.
The current market structure reflects the “Two-Chain Reality,” with Ethereum and Tron together accounting for over 80% of the total supply. Ethereum remains the primary layer for DeFi payments, collateral, and on-chain liquidity, with major stablecoins like USDT and USDC heavily concentrated on this network.
In contrast, Tron mainly serves low-cost transfer needs, especially in emerging markets. The rest of the ecosystem is fragmented, with Solana (5.4%), BNB Chain (5.1%), and other networks holding smaller shares.
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