The total market capitalization of stablecoins reached between $300.3 billion and $302 billion as of mid-October 2026. These assets are distributed across 47 different blockchain networks.
Ethereum maintains the largest share of supply, estimated between 47.7% and 54.2% depending on the data source. Tron holds the second position with approximately 31.2% to 31.5% of the total supply.
During the third quarter of 2026, Tron increased its stablecoin supply by approximately $5 billion, while Ethereum saw a decrease of about $4.9 billion. Tron also dominated transaction activity, processing 73% of the total transfer volume.
Market concentration remains high at the issuer level, with Tether's USDT and Circle's USDC accounting for roughly 85% of all stablecoins. Other networks, including Solana and BNB Chain, currently hold only low-single-digit percentages of the total supply.
