Most stablecoin value settles on a small number of chains, and the split moves. This index tracks USD-pegged stablecoin supply across 8 chains, measured daily from on-chain data and recorded as a dated series since 2026-08-07. As of 2026-09-04, Ethereum holds the largest share at $147.14B (51.9% of the tracked total).
Stablecoin supply by chain — 2026-09-04
| Chain | Stablecoin supply | Share | Change vs our last reading |
|---|---|---|---|
| Ethereum | $147.14B | 51.9% | -0.20% |
| Tron | $93.71B | 33.1% | +0.57% |
| Solana | $16.19B | 5.7% | +3.54% |
| BSC | $13.34B | 4.7% | -0.05% |
| Base | $4.92B | 1.7% | +1.06% |
| Arbitrum | $3.56B | 1.3% | +0.71% |
| Polygon | $3.14B | 1.1% | +0.06% |
| Avalanche | $1.44B | 0.5% | +0.62% |
Change column compares against our own previously recorded reading (1 days); “—” means we do not yet hold a prior reading for that chain.
Key takeaways
- Ethereum holds $147.14B (51.9% of the tracked total), down 0.20% since our last reading.
- Tron holds $93.71B (33.1% of the tracked total), up 0.57% since our last reading.
- Solana holds $16.19B (5.7% of the tracked total), up 3.54% since our last reading.
- The top chain accounts for 51.9% of tracked stablecoin supply; the top three account for 90.7%.
Methodology
- What is measured: Total USD-pegged stablecoin circulating supply on each chain.
- Chains covered: Ethereum, Tron, Solana, BSC, Arbitrum, Avalanche, Polygon, Base.
- Cadence: read daily and recorded as a dated row per chain; this page is updated in place — it is one permanent URL, not a new post per update.
- Series held: 29 dated day(s), 2026-08-07 to 2026-09-04.
- Sources: stablecoins.llama.fi, defillama.com/stablecoins. Figures are read directly from these public APIs; we do not adjust or model them.
- Limits: provider coverage differs by chain, so a chain may be absent when its provider returns no reading. Percentages are shares of the tracked set, not of the entire market.
Related analysis
- BSC liquidity builds while trading falters—capital locked in DeFi as DEX volume drops 31%
- Avalanche trading surges 180% while stablecoin reserves grow just 10%, widening liquidity-to-activity gap
- Solana DEX volume surges 42% while stablecoin liquidity shrinks, signaling trader reliance on external funding.
- Ethereum stablecoin supply shrinks while DeFi capital grows, signaling liquidity shift away from trading
Which blockchain holds the most stablecoin supply?
Ethereum, at $147.14B — 51.9% of the 8 chains tracked here as of 2026-09-04.
This page reports measured on-chain data. It is not investment advice, and nothing here is a forecast.
