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

Author: Content Editor
According to data from CoinGecko, Ethereum and TRON dominate the stablecoin market, holding a combined $144.4 billion or 83.9% of all stablecoins. Ethereum leads with $84.6 billion, accounting for 49.1% of the total supply, while TRON follows closely with $59.8 billion, making up 34.8% of the market. Despite Ethereum's supply increasing, its market share declined due to factors such as the collapse of Terra's stablecoin UST, the bear market, and the rise of layer 2 solutions. TRON's dominance is attributed to the strong demand for Tether (USDT) on its network. BNB Chain ranks third but has seen its share drop to 2.9% due to regulatory challenges around Binance USD. Emerging blockchains like Coinbase's Base are gaining ground, indicating a diversifying stablecoin landscape. Stablecoins play a significant role in global finance, settling $3.7 trillion in transactions in 2023, projected to reach $5.28 trillion by the end of 2024. They are increasingly used for purposes beyond exchange settlement, particularly in emerging markets for savings, currency conversion, and yield generation.

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