Ethereum continues to anchor the global stablecoin economy, holding around 60% of total stablecoin market share, according to data shared by Token Terminal.
The chart highlights Ethereum’s long-standing dominance even as stablecoin issuance expands across multiple Layer 1 and Layer 2 networks.
The data comes amid expectations that $1.7 trillion in new stablecoin value could move on-chain over the next three years, a projection reinforced by recent comments from U.S. Treasury Secretary Scott Bessent, who said the U.S. dollar–backed stablecoin market could surpass $2 trillion within that timeframe.
Ethereum Still Captures the Majority of Stablecoin Activity
Despite the rise of competing networks such as Tron, Solana, BNB Chain, Base, and Arbitrum, Ethereum remains the primary settlement layer for stablecoins. The chart shows that while Ethereum’s market share has gradually declined from earlier cycle highs, it has stabilized near the 60% level, far ahead of any single competitor.
Ethereum holds 60% market share in stablecoins.
Another $1.7 trillion is expected to come onchain in the next 3 years.
Assuming a gradual market share decline for @ethereum (from 60% to 50%), the L1 would still see $850 billion in new stablecoin supply by 2028. pic.twitter.com/vyRMXZV63C
— Token Terminal 📊 (@tokenterminal) December 15, 2025
This dominance reflects Ethereum’s deep liquidity, mature infrastructure, and its central role in decentralized finance, tokenized assets, and institutional on-chain activity.
Even With Share Loss, Ethereum Gains in Absolute Terms
Token Terminal’s analysis highlights a key point: market share decline does not necessarily mean reduced growth. Even under a conservative assumption where Ethereum’s stablecoin share falls from 60% to 50%, the network would still absorb roughly $850 billion in new stablecoin supply by 2028.
This is because the overall stablecoin market is expected to expand significantly, meaning Ethereum could see substantial net inflows even as other chains gain relative ground.
Stablecoin Growth Reshapes Blockchain Competition
The chart illustrates how stablecoin supply has expanded across ecosystems since 2018, with Ethereum maintaining a dominant base layer role while newer networks capture incremental growth. Rather than a zero-sum shift, the data suggests a multi-chain expansion, where Ethereum remains the primary settlement hub.
As stablecoins increasingly underpin payments, trading, tokenized assets, and cross-border settlement, the scale of issuance becomes more important than marginal changes in market share.
Big Picture: Ethereum at the Center of On-Chain Dollars
If projections hold and the stablecoin market moves beyond $2 trillion, Ethereum’s role as the leading settlement layer could translate into hundreds of billions of dollars in additional on-chain liquidity. Even modest share retention places Ethereum at the center of the next phase of on-chain finance.
