Data: Ethereum holds about 65% of the non-USD stablecoin supply

According to Dune data, Ethereum currently holds about 65% of the non-USD stablecoin supply, down from about 90% at the beginning of 2023. Although other chains are catching up, Ethereum remains the default choice for stablecoin issuance.

Dune reports that while the distribution and activity of stablecoins mainly occur on other chains, Ethereum ranks fifth in terms of independent senders, but its growth rate is rapid. By February 2026, the number of independent senders increased from 2000 to 12000, achieving significant year-on-year growth.