Ethereum stablecoin market share drops from 90% to 65%, accelerating the formation of multi-chain competition.

ZkProver · 2026-04-03T06:09:52+00:00

Ethereum's share of the non-USD stablecoin market has decreased from 90% at the beginning of 2023 to 65% in February 2026, indicating increased competition from other blockchains. However, Ethereum remains the dominant chain for stablecoin issuance. The number of independent senders has grown from 2,000 to 12,000, demonstrating ongoing ecosystem expansion.

ZkProver

2026-04-03 06:09:52

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ChainCatcher message: according to the latest data from Dune and Visa, Ethereum’s market share in non-USD stablecoin supply has fallen from 90% at the start of 2023 to 65% as of February 2026, indicating that other blockchains are rapidly gaining market share. Despite this, Ethereum remains the primary chain for stablecoin issuance.

It’s worth noting that Ethereum ranks only fifth in the number of independent senders in the stablecoin network, but user adoption across the broader ecosystem continues to grow. The number of independent senders has risen from 2,000 people in the same period last year to 12,000, reflecting that the stablecoin ecosystem is accelerating its expansion.

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