The market share of Ethereum stablecoins has dropped from 90% to 65%, accelerating the formation of a multi-chain competitive landscape

According to the latest data from Dune and Visa, Ethereum's market share in the supply of non-USD stablecoins has dropped from 90% at the beginning of 2023 to 65% in February 2026, indicating that other blockchains are rapidly capturing the market. Nevertheless, Ethereum remains the primary chain for stablecoin issuance.

It is noteworthy that Ethereum ranks only fifth in the number of independent senders in the stablecoin network, but the overall user adoption rate of the ecosystem continues to grow, with independent senders increasing from 2,000 at the same time last year to 12,000, reflecting the accelerated expansion of the stablecoin ecosystem.