Artemis data shows Tron led all blockchains in net stablecoin supply growth during February 2026, adding $1.6 billion to its stablecoin base while Ethereum recorded the largest net outflow of any chain in the dataset, losing more than $2 billion in stablecoin supply over the same period.
What the Chart Shows
The Artemis Top Stablecoin Supply Changes by Chain chart measures net change in stablecoin supply by absolute USD value across the major networks for the month. Green bars extending to the right represent net supply additions. Red bars extending to the left represent net supply reductions.
Tron’s bar is the longest green bar on the chart, confirmed by the tooltip showing a total supply change of $1.6 billion.
Tron led February stablecoin flows, adding $1.6 billion pic.twitter.com/zfKU8UqxmF
— Artemis (@artemis) February 28, 2026
Solana follows as the second-largest net gainer, with its green bar roughly half the length of Tron’s, placing its net addition somewhere in the $700 million to $900 million range. Polygon PoS, Arbitrum, Sui, and HyperEVM show smaller positive supply changes.
On the negative side, Ethereum dominates. Its red bar extends past the $2.0 billion mark on the left axis, making it by far the largest net stablecoin outflow of the month. Plasma and Base also show negative supply changes, though both are modest compared to Ethereum’s figure. Ripple appears near the zero line with a slight negative reading.
Tron’s Stablecoin Dominance
Tron’s position as the leading chain for stablecoin supply growth in February is consistent with a longer-term pattern. The network has been the primary settlement layer for USDT transfers in emerging markets and high-frequency low-cost transactions for several years, driven by its near-zero transaction fees and fast finality.
The $1.6 billion net supply addition in a single month reflects continued demand for stablecoin capacity on the network. Whether that demand comes from new capital entering the stablecoin ecosystem or from supply migrating from other chains is a distinction the net change figure alone cannot fully resolve. What the Artemis data confirms is that on a net basis, more stablecoins were minted than burned on Tron in February than on any other chain in the dataset.
Ethereum’s $2 Billion Outflow
Ethereum’s net stablecoin supply reduction of over $2 billion in February is the more surprising figure. Ethereum remains the largest stablecoin settlement layer by total value, hosting the majority of USDC and a significant portion of DAI and USDT supply. A $2 billion net reduction in a single month represents a meaningful contraction in on-chain stablecoin liquidity on the network.
Several factors could contribute to a reading like this. Stablecoin supply migrating to cheaper networks such as Tron, Solana, and Arbitrum for cost reasons is a structural trend that has been underway for multiple years. Institutional redemptions of stablecoins back to fiat during a period of market stress could also reduce on-chain supply without the tokens moving to another chain. The February period coincides with the broader market drawdown and elevated institutional de-risking, making the redemption hypothesis plausible alongside the migration explanation.
Both can be true simultaneously. Stablecoin supply leaving Ethereum does not necessarily mean it went to Tron. It means the net minting and burning activity on Ethereum over February produced a negative result, and the reasons for that are likely a combination of migration to cheaper networks and outright redemption by participants reducing crypto exposure.
The Solana Context
Solana’s second-place position in February stablecoin supply growth connects directly to the network’s broader momentum visible across the week’s coverage. Tether Gold volume on Solana hit a 7-day all-time high during the geopolitical shock of February 28th. SoFi enabled native Solana deposits. The Solana RWA market cap hit a new all-time high of $1.71 billion. Stablecoin supply growing at a rate second only to Tron in the same month is consistent with a network absorbing increasing financial activity across multiple categories simultaneously.
