Ethereum

President Trump

Ethereum has maintained its leading position in the stablecoin market, with a stablecoin supply of $174.95 billion. The figure represents a 0.6% WoW increase and a significant 63% growth YoY.
&nbsp;As Ethereum maintains its leading position in the stablecoin market, several Layer 2 networks are also experiencing notable growth.
<h3 id="span-style-font-weight-400-stablecoin-liquidity-battles-intensify-among-layer-2-networks-span">Stablecoin liquidity battles intensify among Layer 2 networks&nbsp;</h3>
Data from the on-chain data explorer Growthepie <a href="https://www.growthepie.com/fundamentals/stablecoin-market-cap" rel="noopener noreferrer nofollow" target="_blank">shows</a> that Arbitrum One follows Ethereum with a stablecoin supply of $7.84 billion. The L2 network’s stablecoin supply has witnessed a 1.2% decline WoW but has grown by 45% YoY. 
<a href="https://www.cryptopolitan.com/coinbases-base-chain-granted-phase-1-decentralized-status/" rel="noopener noreferrer nofollow">Base Chain</a> claims the third position with a stablecoin supply of $4.53 billion, a 1% increase WoW, and a 31% growth rate YoY. Mantle claims the fourth spot with $668.42 million, with a steady growth rate of 147% YoY and a slight 2.1% drop WoW.&nbsp;
However, not all L2 networks have witnessed growth YoY. OP Mainnet ranks fifth with a stablecoin supply of $548.79 million. The network’s stablecoin supply has declined by 7.6% WoW, bringing its YoY decline to 55.2%. Celo’s supply has also dipped by 27.9% YOY to $184.22 million as per the blockchain explorer.&nbsp;
Ethereum also leads other networks in <a href="https://www.cryptopolitan.com/ethereum-stablecoin-supply-hits-record-165b/" rel="noopener noreferrer nofollow">stablecoin supply</a>. According to<a href="https://tokenterminal.com/explorer/metrics/ecosystem-stablecoin-supply" rel="noopener noreferrer nofollow" target="_blank"> data</a> from Token Terminal, a blockchain metrics provider, Ethereum has a stablecoin supply of $184.8 billion. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img src="https://www.cryptopolitan.com/wp-content/uploads/2025/12/Ecosystem-Stablecoin-Supply.jpg" alt="" width="1280" height="688">
 <figcaption>
 Ecosystem stablecoin supply. Source: Token Terminal.
 </figcaption>
</figure>
Tron claims the second position with a stablecoin supply of $78.5 billion, while Solana trails in third place with a supply of $14.4 billion. The data also shows that the stablecoin supply reached an all-time high of $283.2 billion.
Cryptopolitan <a href="https://www.cryptopolitan.com/stablecoin-supply-all-time-high-of-283-2b/" rel="noopener noreferrer nofollow">reported</a> that the sudden surge in stablecoin supply is attributed to new regulations from the Trump administration. President Trump signed the GENIUS Act earlier, providing regulatory clarity for stablecoins. CEO of MNEE Ron Tarter referred to the reform as a “green light” for corporate companies in the U.S. to infiltrate the industry.
Data from crypto data aggregator CoinMarketCap shows that the market capitalization of Tether’s stablecoin USDT has reached an all-time high of $184.79 billion and has been on a steady increase since November 22. USDT is the world’s largest stablecoin by market cap.
<h3 id="span-style-font-weight-400-stablecoin-growth-likely-credited-to-new-u-s-regulations-span">Stablecoin growth likely credited to new U.S. regulations.&nbsp;</h3>
A publication <a href="https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/" rel="noopener noreferrer nofollow" target="_blank">issued</a> by The White House in mid-July this year highlighted that the Act will ensure stablecoins play a crucial role in ensuring the continued global dominance of the U.S. dollar as the world’s reserve currency. The act requires stablecoin issuers to back their assets with Treasuries and U.S. dollars. The publication also explained that the act will increase crypto-related activities in the country by providing regulatory clarity for institutions.&nbsp;
The move aligns with Trump’s long-term vision to make the U.S. the global crypto capital, a promise he made to Americans during his presidential campaign. Trump signed an executive order in his first week in office to promote the U.S.’s leadership in the crypto ecosystem.&nbsp;
In Europe, new reforms for stablecoin development are also taking shape. Ten major banking giants have<a href="https://www.cryptopolitan.com/european-banking-giants-to-launch-euro-stablecoin/" rel="noopener noreferrer nofollow"> united</a> to form a regulated, euro-pegged stablecoin. 
The alliance will operate under the EU’s Markets in Crypto-Assets (MiCA) regulatory framework and plans to launch the stablecoin in the second half of 2026. The banks involved in Qivalis include ING, CaixaBank, DekaBank, BNP Paribas, Danske Bank, KBC, UniCredit, SEB, Banca Sella, and Raiffeisen Bank International.
The bank-issued stablecoin will operate on decentralized blockchain networks, unlike conventional payment systems. The stablecoin will be available for individual and corporate cross-border settlements after licensing agreements and regulatory approvals are completed.
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Ethereum continues to dominate stablecoin market, Tron and Solana trail

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