Ethereum gained $1.1B in stablecoins as gas fees dropped, while Solana lost $772M. Ethereum leads with $122.9B (54.63%) dominance.
Ethereum just made a big flex in the stablecoin world, adding a massive $1.1B in USDT and USDC in just a week, while Solana took a hit, losing $772M. On-chain analytics firm Lookonchain spotted the shift, showing Ethereum gaining traction again.
For a while, Solana had been snatching some of Ethereum’s thunder, thanks to ETH’s high gas fees and congestion. But things are changing. Ethereum’s gas fees have dropped, and major upgrades are making it more efficient, bringing users and liquidity back. That’s why stablecoin supply on Ethereum is pumping again—it’s reclaiming its OG status as the top smart contract blockchain.
At the same time, Solana experienced a stablecoin supply decline of approximately $780M. The cause isn’t 100% certain, but it may be attributed to performance issues and changing user tastes. Funds may be transferring elsewhere as crypto investors seek more favorable opportunities.
According to DefiLlama, Ethereum dominates the stablecoin market with $122.9B in supply (54.63% market share), and Solana comes in second with a mere $11.58B (5.15%). These market fluctuations demonstrate yet again how quickly the crypto universe is evolving. One day a chain is on fire, the next it’s drying up. The only thing that doesn’t change? Change.
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