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 2026-09-20, Ethereum holds the largest share at $146.08B (51.6% of the tracked total).
Stablecoin supply by chain — 2026-09-20
| Chain | Stablecoin supply | Share | Change vs our last reading |
|---|---|---|---|
| Ethereum | $146.08B | 51.6% | -0.29% |
| Tron | $93.97B | 33.2% | -0.01% |
| Solana | $16.49B | 5.8% | +6.48% |
| BSC | $13.29B | 4.7% | -3.81% |
| Base | $5.01B | 1.8% | +0.15% |
| Arbitrum | $3.68B | 1.3% | +1.47% |
| Polygon | $2.93B | 1.0% | +0.26% |
| Avalanche | $1.42B | 0.5% | +7.08% |
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 $146.08B (51.6% of the tracked total), down 0.29% since our last reading.
- Tron holds $93.97B (33.2% of the tracked total), down 0.01% since our last reading.
- Solana holds $16.49B (5.8% of the tracked total), up 6.48% since our last reading.
- The top chain accounts for 51.6% 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: 45 dated day(s), 2026-08-07 to 2026-09-20.
- 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 stablecoin reserves grow while DEX volume gains slow, signaling capital buildup ahead of activity
- BSC liquidity locks climb 17% while trading momentum fades 15%, signaling capital influx outpacing activity
- 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 $146.08B — 51.6% of the 8 chains tracked here as of 2026-09-20.
This page reports measured on-chain data. It is not investment advice, and nothing here is a forecast.
