BNB Chain onboarded 985,000 new stablecoin holders in the seven days through September 28, according to on-chain address data, accounting for more than half of combined stablecoin-holder growth across the top ten blockchains over the same period. Base, the closest competitor, added 202,500 new holders.

The weekly surge extends a shift in stablecoin distribution that has been building since mid-year. BNB Chain overtook Tron in August to become the network with the most stablecoin-holding addresses, with roughly 79.3 to 80 million wallets against Tron's 76 million. For context, BNB Chain held only about 42 million stablecoin addresses in late 2024, meaning its holder base has nearly doubled in under a year.

USDT drives the growth

Tether's USDT accounts for approximately 845,900 of BNB Chain's new addresses for the week, making it the dominant driver of the expansion. Circle's USDC contributed another 390,800 new holders. Together, Tether and Circle represented roughly 95% of new stablecoin addresses across the top ten chains during the period.

The pattern underscores how concentrated stablecoin issuance remains. Two issuers continue to control effectively the entire retail on-ramp market for dollar-denominated tokens, regardless of which chain captures the users.

Wallet counts diverge from supply flows

The address growth does not translate into supply leadership. New stablecoin minting has flowed primarily to Solana, Ethereum and Hyperliquid in recent weeks. Total stablecoin supply across all networks stood at approximately $302.5 billion as of the latest data, a modest month-over-month increase, and BNB Chain was not the primary destination for those fresh issuances.

The result is a two-sided market structure. BNB Chain leads in the number of people holding stablecoins but not in the total value of stablecoins settled on the network. Average balances per holder on BNB Chain run considerably smaller than on Ethereum, where institutional-sized positions skew the distribution toward larger wallets.

For issuers and payment processors, that distinction matters. High holder counts with small balances indicate retail-driven activity and distribution reach, while supply concentration on Ethereum and Solana reflects treasury, trading and institutional flows.

Acquisition levers behind the numbers

BNB Chain has deployed several deliberate mechanisms to accelerate user acquisition. Fee waivers and promotional campaigns have lowered the cost of creating and funding new wallets, while compatibility with MetaMask and other mainstream wallet interfaces keeps onboarding friction minimal. Transaction counts and active address metrics on BNB Chain have consistently ranked among the highest of any EVM-compatible network, even during periods when its total value locked trailed competitors.

For Tron, the shift carries operational weight. The network held the stablecoin address crown for years, largely on the strength of USDT transfer volume in Asian markets. Tron's 76 million holders remain substantial, but the gap to BNB Chain is widening rather than narrowing. If the current growth differential holds, Tron risks ceding not just the headline address count but the transfer-fee revenue that accompanies high-frequency stablecoin traffic.

What comes next

The divergence between holder growth and supply allocation will define the next phase of competition among EVM networks. BNB Chain has proven it can acquire retail holders at a pace no rival matches; whether those small-balance wallets convert into durable economic activity, rather than promotional artifacts, is the question its fee-waiver economics will face as the campaigns wind down.