Ethereum’s Stablecoin Share Falls to Record-Low 46%

Ethereum’s share of stablecoin supply across blockchain networks fell to a record-low 46% after its on-chain supply contracted $32.5 billion over the past year, according to the on-chain supply figures cited in the report.

Total stablecoin supply across all networks fell by about $10 billion over the same period. Ethereum’s $32.5 billion reduction was more than three times the net contraction, showing that gains elsewhere offset most of the decline on its chain rather than the entire market losing stablecoins.

What changed on Ethereum?

The figures describe a $32.5 billion fall in the dollar value of stablecoin tokens on Ethereum and a drop in the network’s share of the cross-network total to 46%. The source does not provide Ethereum’s starting supply or the exact start and end dates, so it supports the size and direction of the change rather than a reconstruction of daily balances.

Ethereum still has the largest single-network share, but it sits 14 percentage points below Tron’s 32%. Together, the two networks account for 78% of all stablecoin supply, leaving 22% spread across every other network. Ethereum therefore remains dominant by share even after losing further ground.

Where did the supply go?

• Tron added $16.2 billion over the year and reached 32% of total stablecoin supply.
• Hyperliquid added $1.6 billion.
• Solana added $1.6 billion.
• Arc, X Layer, Robinhood Chain, Tempo and Monad, among networks launched this year, added a combined $5.2 billion.

The four disclosed categories of gains total $24.6 billion, offsetting about 76% of Ethereum’s $32.5 billion contraction. Arithmetic using the reported figures leaves an approximately $2.1 billion net decline across networks not itemized in the report.

That residual is small relative to Ethereum’s reduction. The annual figures point to a broad change in where reported on-chain balances sit, rather than a market-wide disappearance of stablecoins.

The new-network group’s $5.2 billion increase was roughly one-third of Tron’s $16.2 billion addition, giving recently launched venues a material role in the supply shift.

The data do not identify the transaction-level cause, a particular wallet or issuer, or any single stablecoin program behind the changes. They establish changes in network-level supply without showing why those changes occurred.

For issuers and market makers, the figures make network distribution a more material treasury and liquidity-planning variable. Tron holds 32% of the market, Hyperliquid and Solana each added $1.6 billion, and five newly launched networks added $5.2 billion collectively. The source provides no issuer-level or token-level breakdown, so it cannot show which stablecoin programs account for the shift.

Does the 2.07% decline tell the same story?

No. Over the 30 days ending Oct. 27, Ethereum’s stablecoin market capitalization fell 2.07%, which the source explicitly identifies as a separate measure from supply share. The one-year comparison reports changes in on-chain supply and Ethereum’s 46% share of the total, while the one-month statistic reports the direction and size of Ethereum’s market-cap change.

The report provides no breakdown behind the 2.07% decline and no comparable 30-day supply-share figure. The two percentages cover different periods and should not be combined or used to explain one another.

The near-term focus is whether Tron and the newer networks can keep adding supply while Ethereum’s annual balance continues to contract. The next comparable annual snapshot will show whether Ethereum’s 14-point lead over Tron widens or narrows, and the source sets no fixed deadline beyond the 30-day window ending Oct. 27.