Stablecoin Networks Evolve: Tron, Ethereum, Mantle, and Sui Compete for Market Dominance

Tron (TRX) has reaffirmed its dominant position in the stablecoin sector, hosting over 50% of circulating USDT and surpassing Ethereum and all other chains in supply, with more than $75.7 billion worth of USDT and over 57 million USDT user addresses. This places Tron as the primary hub for stablecoin usage, especially for retail and cross-border transactions, due to its low transaction fees and high speed—particularly benefiting developing markets. Recent blockchain data also indicates Mantle (MNT) and Sui (SUI) networks are rapidly increasing their average stablecoin transfer sizes, now overtaking other established layer-2 solutions like Optimism and Arbitrum. Ethereum (ETH) remains the leader in average stablecoin transfer size at $68,000 per transaction, favored by institutional and DeFi users, followed by Base ($20,000), Tron ($8,900), Mantle ($6,800), and Sui ($5,800). These trends suggest a more fragmented and specialized stablecoin ecosystem emerging, with different chains addressing specific needs such as high-value institutional transfers, scalability, or efficient low-cost payments. For crypto traders, this signifies growing competition among blockchains, increased liquidity and trading options, and opportunities for diversification as new platforms gain traction.