Stablecoin Supply Consolidates on Ethereum and Tron, With USDT/USDC Liquidity Concentrated

Artemis market data shows stablecoin supply is consolidating on just two networks: Ethereum and Tron. Ethereum holds about $168.7B in stablecoin supply (53.9%), making it the dominant venue for USDT and USDC liquidity, largely tied to deeper DeFi usage and high on-chain settlement efficiency. Tron follows with $86.7B (27.7%), described as a fast, low-fee transfer channel that boosts USDT transfer utility rather than serving mainly as DeFi collateral infrastructure. Outside the top two, the share is far more fragmented. Solana has 5.4% and BNB Chain 5.1%, while Arbitrum accounts for 2.5%. Base (1.5%), Polygon (1.1%), Avalanche (0.6%), Plasma (0.6%), Aptos (0.4%), TON (0.3%) and HyperEVM (0.3%) each remain below 1% individually, and all non-ETH/TRON chains together make up about 18% of stablecoin supply. For traders, the key takeaway is that stablecoin supply concentration can signal where liquidity is deepest and where USDT/USDC rails may stay most efficient. However, Artemis also cautions that stablecoin supply and on-chain activity do not fully overlap—transfer utility can raise supply without implying the same level of transaction velocity. This is a neutral-but-useful indicator for positioning around ETH- and TRON-linked flows and liquidity.