Stablecoin

Stellar

<p>Stablecoin supply on three established blockchains has dropped sharply over the past week, while Circle's newer Arc network continues to gain ground. Data from DefiLlama shows <a href="https://x.com/ton_blockchain" rel="noopener noreferrer nofollow">@ton_blockchain</a>, <a href="https://x.com/StellarOrg" rel="noopener noreferrer nofollow">@StellarOrg</a> and <a href="https://x.com/SuiNetwork" rel="noopener noreferrer nofollow">@SuiNetwork</a> have all recorded double-digit declines in stablecoin market capitalisation.</p>
<h2 id="declines-across-ton-stellar-and-sui">Declines across TON, Stellar and Sui</h2>
<p>DefiLlama's chain-level stablecoin table <a href="https://defillama.com/stablecoins/chains" rel="noopener noreferrer nofollow">lists the following seven-day changes</a>:</p>
<p>- <a href="https://x.com/search?q=%24TON&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$TON</a>: down 14.66%, to $631.15 million<br>- <a href="https://x.com/search?q=%24XLM&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XLM</a> (Stellar): down 19.34%, to $439.96 million<br>- <a href="https://x.com/search?q=%24SUI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SUI</a>: down 13.92%, to $431.67 million</p>
<p>The composition of supply differs by chain. On DefiLlama's table, USDT makes up about 78% of stablecoins on TON, while USDC accounts for roughly 87% on Stellar and 63% on Sui. Figures move constantly, and DefiLlama's Sui page showed a 7-day decline of 14.07% and a stablecoin market cap of $431.78 million as of October 26, 2026.</p>
<p>The pullback comes as the wider market has cooled. Crypto Daily, citing DefiLlama, reported that total stablecoin market capitalisation stood at about $300.1 billion on October 26, down roughly 0.9% over 30 days. Over the same period USDC fell close to 5%, while USDT declined less than 1%. That suggests some capital has left stablecoins during recent market volatility, though the declines on TON, Stellar and Sui were far steeper than the market as a whole.</p>
<h2 id="arc-bucks-the-trend">Arc bucks the trend</h2>
<p>In contrast, <a href="https://x.com/Arc" rel="noopener noreferrer nofollow">@Arc</a> has recorded a 44% increase in stablecoin supply, rising to $963 million in just over a month. Arc is a layer-1 blockchain built by Circle, the issuer of USDC. According to <a href="https://decrypt.co/resources/what-is-arc-the-stablecoin-blockchain-from-usdc-issuer-circle" rel="noopener noreferrer nofollow">Decrypt</a>, the network opened to the public in September 2026 and is designed specifically for stablecoin-native finance.</p>
<p>Arc uses USDC as its native gas token, meaning transaction fees are denominated in dollars rather than a volatile asset. BigGo Finance reported that founding validators include BlackRock, DTCC, Visa, Mastercard, Intercontinental Exchange and Standard Chartered, with more than 100 applications and institutional partners participating at launch. Bloomingbit reported that 370 million USDC flowed onto the network within two hours of the mainnet launch.</p>
<p>The data points to competition for stablecoin liquidity between general-purpose chains and purpose-built networks. A single week of data is a limited sample, and stablecoin balances can shift quickly with exchange flows, lending activity and issuer decisions. Whether Arc's growth continues, and whether the declines on TON, Stellar and Sui persist, will be visible in DefiLlama's daily figures.</p>
<h2 id="sources">Sources</h2>
<p><a href="https://defillama.com/stablecoins/chains" rel="noopener noreferrer nofollow">DefiLlama: Stablecoins by Chain</a><br><a href="https://cryptodaily.co.uk/2026/10/stablecoin-market-tops-300b-as-circle-targets-40-new-markets" rel="noopener noreferrer nofollow">Crypto Daily: Stablecoin Market Tops $300B as Circle Targets 40 New Markets</a><br><a href="https://decrypt.co/resources/what-is-arc-the-stablecoin-blockchain-from-usdc-issuer-circle" rel="noopener noreferrer nofollow">Decrypt: What Is Arc? The Stablecoin Blockchain From USDC Issuer Circle</a></p>

Ton, Stellar and Sui Network see shrinking stablecoin economies.

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