A new dataset from Token Terminal highlights the growing dominance of the Ethereum network in the global stablecoin ecosystem, with 15 of the top issuers now operating primarily on its blockchain.
Tether (USDT) leads the market with a staggering $101.5 billion in stablecoin supply issued on Ethereum, followed by Circle’s USDC at $50.6 billion. Together, these two giants account for over half of the total Ethereum-based stablecoin market.
Top 15 stablecoin issuers on @ethereum 👇
1. @Tether_to
2. @circle
3. @ethena_labs
4. @SkyEcosystem
5. @PayPal
6. @Paxos
7. @Ripple
8. @FirstDigitalHQ
9. @usualmoney
10. @worldlibertyfi
11. @aave
12. @tusdio
13. @global_dollar
14. @fraxfinance
15. @capmoney_ pic.twitter.com/fKEJyGPR0f— Token Terminal 📊 (@tokenterminal) October 18, 2025
Rapidly climbing into third place is Ethena (USDe), which now holds $14.1 billion in supply, a remarkable milestone for a synthetic dollar protocol launched less than a year ago. Projects like Sky, PayPal USD, and Paxos round out the next tier, each maintaining between $1.5–$9 billion in circulating supply.
The list also features new entrants such as Ripple, First Digital Labs, and World Liberty Financial, signaling a wave of institutional and fintech participation in Ethereum’s stablecoin layer. This diversification suggests that Ethereum remains the preferred infrastructure for digital dollar issuance, even as competing blockchains attempt to capture market share.
As stablecoin supply on Ethereum continues to expand, the network’s role as the core settlement layer for global digital finance becomes increasingly entrenched, with both legacy financial players and crypto-native projects converging on the same ecosystem.
