Stablecoins are the backbone of onchain finance, moving trillions in transaction volume for trading, payments, and settlement around the world 💸💸💸
As of November 2025, more than $303B in stablecoins circulate across public blockchains, up 47% year-to-date and 144% in two years.
That’s staggering growth, proving stablecoins have become the “cash leg” of crypto markets.
But stablecoin liquidity is not evenly distributed, creating both challenges and opportunities for issuers, traders, and institutional investors.
Over half of all stablecoins (54%) live on Ethereum, followed by Tron (28%), Solana (5%), and BNB Chain (4.5%).
Dozens of smaller ecosystems compete for the remaining share, each chasing their own network effects.
These distribution patterns defines capital efficiency across markets, trading pairs, and payment rails.
When liquidity fragments across chains and issuers, spreads widen, slippage rises, and sophisticated players profit from the inefficiency.
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