Ethereum’s share of the non-U.S. dollar stablecoin market has dropped sharply over the past two years, though it remains the leading network for issuance, according to data from blockchain analytics firm, Dune, and payments giant, VISA.
Ethereum accounted for about 65% of non-USD stablecoin supply as of February 2026, down from roughly 90% in early 2023, the data showed, reflecting growing competition from alternative blockchains.
STABLECOINS | Yield-Bearing Stablecoins Accounted for Over Half of the Supply in Q1 2026
Increased bot-driven trading and reduced retail participation point to a market increasingly shaped by institutional flows and automated strategies rather than individual investors.… pic.twitter.com/SkzjSWThNJ
— BitKE (@BitcoinKE) April 3, 2026
Despite the decline in market share, Ethereum continues to serve as the primary platform for issuing stablecoins, even as rival networks attract increasing activity and users.
The broader stablecoin ecosystem has expanded significantly, with the number of unique senders rising to around 12,000 from roughly 2,000 a year earlier, indicating accelerating adoption across multiple chains.
2025 RECAP | Stablecoins Surged by ~50% in 2025 – The Biggest Year on Record
However, Ethereum ranks lower in terms of active users compared with some competing networks, highlighting a shift in where transaction activity is taking place.
The data also points to rapid growth in non-dollar stablecoins, particularly Euro-denominated tokens, as usage for payments, remittances, and treasury operations increases. Monthly transfer volumes in the segment have reached about $10 billion, according to the report.
The findings underscore a broader trend of fragmentation in the stablecoin market, with new blockchains gaining traction even as Ethereum maintains a central role in issuance.
2025 RECAP | Meet the Stablecoin that Outpaced All Dollar Stablecoins Growth in 2025 Despite Regulatory Restrictions
Stay tuned to BitKE on stablecoin updates globally.
Join our WhatsApp channel here.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
___________________________________________