Key takeaways
Stablecoins have hit a record $271.1 billion in value, with USDC now leading on Ethereum while USDT dominates on TRON. USD1, is gaining traction under strict U.S. rules.
At the time of writing, stablecoins hit a massive $271.1 billion in value, and the race for dominance is getting interesting.
Source: DeFiLlama
While Tether [USDT] still tops with 60% of the market, it’s no longer the same story everywhere.
On Ethereum [ETH], Circle [USDC] has taken the lead, while USDT smashes transaction records on Tron [TRX], through a surge of retail deposits on big exchanges like Binance.
Stablecoins are diversifying fast, and the winners depend on where you look.
USDC takes the lead
CryptoOnChain’s recent report showed a clear shift in Ethereum’s stablecoin landscape.
Source: CryptoQuant
From 2018 to 2025, ERC20 stablecoin transfers totaled a massive $39.7 trillion, and in early 2025, USDC pulled ahead decisively.
On a 7-day average, USDC processes over $20 billion in daily transfers, outpacing USDT’s $12-$15 billion range.
USDC’s dominance comes from its DeFi integration, U.S. regulated reserves, and focus on Ethereum, while USDT’s activity has largely moved to TRON and BSC.
Source: CryptoQuant
Meanwhile, DAI holds a solid third place with nearly 26% of total transfers.
TRON becomes USDT’s powerhouse
While USDC dominates Ethereum, USDT is finding its stride on TRON.
According to Arab Chain’s CryptoQuant data, USDT-TRC20 deposits to exchanges have surged past 1 million transactions in just seven days – the highest level in months.
Source: CryptoQuant
Most of this spike comes from Binance, with Bybit and HTX also playing major roles. The rise evidences heavy retail participation, as the index tracks transaction counts rather than total value.
With deposits accelerating daily, momentum is building fast.
For now, TRON is clearly USDT’s strongest network.
Newcomer USD1 gains ground under U.S. rules
Following USDT’s record-breaking activity on TRON, the network also welcomed fresh competition.
Source: CryptoQuant
On the 6th of August, $23 million worth of USD1 stablecoin was issued – the first mint since the GENIUS Act took effect in mid-July.
Source: Cryptoquant
While USD1 is still tiny compared to USDT and USDC, its market cap and transactions have been steadily rising.
With its fully regulated structure, USD1 could carve out a niche in the market, especially for those seeking an alternative.
