Ethereum

TRON

Read

Castle

Data gathered 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 <a href="https://crypto.news/tag/ethereum/" target="_blank">Ethereum</a> and <a href="https://crypto.news/tag/tron/" target="_blank">TRON</a> continue to dominate the <a href="https://crypto.news/tag/stablecoin/" target="_blank">stablecoin</a> market, holding a combined share of nearly 84%, valued at $144.4 billion as of September. 
According to <a href="https://www.coingecko.com/research/publications/blockchain-stablecoin-supply" target="_blank">estimates</a> 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. 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="893" height="780" src="https://crypto.news/app/uploads/2024/10/dsiohfoidsjf.png" alt="Ethereum and TRON control 84% of stablecoin market, CoinGecko says - 15" class="wp-image-14300881" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 Total market cap of stablecoins by blockchain | Source: <a href="https://www.coingecko.com/research/publications/blockchain-stablecoin-supply" target="_blank">CoinGecko</a> 
 </figcaption>
</figure> 
Despite Ethereum’s stablecoin supply increasing by $17.2 billion in 2024, its market share declined due to the collapse of Terra’s stablecoin UST, the onset of the bear market, and the proliferation of layer 2 solutions during that time, the report reads. 
TRON’s dominance stems from the strong demand for Tether (<a href="http://crypto.news/price/tether/" target="_blank">USDT</a>), which constitutes 98.3% of the stablecoins on the network. However, its market share fell from 37.9% earlier in the year despite a 21.6% supply increase. 
<h2 class="wp-block-heading" id="stablecoins-reshape-global-finance-landscape">Stablecoins reshape global finance landscape</h2> 
<a href="https://crypto.news/tag/bnb-chain/" target="_blank">BNB Chain</a> (formerly BNB Smart Chain), ranked third, has seen its share drop to 2.9% following regulatory challenges around Binance USD (<a href="https://crypto.news/price/binance-usd/" target="_blank">BUSD</a>), which reduced the chain’s stablecoin supply by 61% since May 2022. Meanwhile, emerging blockchains like Coinbase’s <a href="https://crypto.news/tag/base/" target="_blank">Base</a>, which grew its stablecoin supply by 1,941.5% in 2024, are gaining ground, indicating a diversifying stablecoin landscape. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1295" height="668" src="https://crypto.news/app/uploads/2024/10/image.png" alt="Ethereum and TRON control 84% of stablecoin market, CoinGecko says - 16" class="wp-image-14300882">
 <figcaption class="wp-element-caption">
 Adjusted stablecoin transaction volume settled by network, monthly | Source:&nbsp;<a href="https://castleisland.vc/writing/stablecoins-the-emerging-market-story/" target="_blank">Castle Island Ventures</a>
 </figcaption>
</figure> 
Stablecoins are playing an increasingly central role in global finance, having settled $3.7 trillion in transactions in 2023 and projected to reach $5.28 trillion by the end of 2024. As crypto.news <a href="https://crypto.news/survey-stablecoins-on-track-to-settle-5-3t-in-2024-despite-hurdles/" target="_blank">reported</a> earlier, data gathered by Castle Island Ventures and Brevan Howard Digital revealed growing usage of stablecoins beyond exchange settlement, particularly in emerging markets where they are being used for savings, currency conversion, and yield generation. 
Having surveyed over 2,540 crypto users across Nigeria, Indonesia, Turkey, Brazil, and India, researchers found that while trading crypto or non-fungible tokens remains the most popular use for stablecoins, non-crypto purposes are not far behind. 
 Read more: <a rel="" href="https://crypto.news/what-is-the-u-s-dollars-role-in-stablecoin-ecosystems/"> What is the U.S. dollar’s role in stablecoin ecosystems? </a>

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

Table of Contents

crypto.news

Other articles published on Oct 1, 2024

Top 10 Airdrop Claimers of EigenLayer (EIGEN) – Will They Sell?

MUSKPEPE Memecoin Will Rally 15,000% Ahead of Exchange Listing, While Shiba Inu and DOGE Underper...

Coinbase Issues Temporary Outage Update To Users, Here’s Why

Japan’s new PM Shigeru Ishiba champions blockchain and NFT in policy document

The Secret Behind XRP’s Sudden Whale Activity—Find Out Why!

Crypto ETFs Could Launch in Japan with New Regulation

Join our free newsletter for daily crypto updates!