If you want to understand where the stablecoin economy actually lives, look at Ethereum. Circle’s USDC has grown into a $72 billion asset, and roughly 70% of that supply, around $49.5 billion, is issued natively on Ethereum.
The numbers behind the dominance
Ethereum’s share of USDC issuance sits at approximately 68.8% of total supply. Solana, which is widely considered Ethereum’s most credible competitor for stablecoin activity, hosts around $7 billion in USDC. That is roughly one-seventh of what Ethereum handles.
USDC itself has grown considerably over the past year or so. The total supply has climbed from around $60 billion in early 2025 to over $72 billion today, driven by institutional adoption and the continued expansion of DeFi protocols that rely on dollar-denominated liquidity.
Circle first launched USDC on Ethereum in September 2018. The acceleration of multi-chain expansion came with the rollout of the Cross-Chain Transfer Protocol, or CCTP, starting in 2023.
