Ethereum's Stablecoin Market Share Drops to 65% Amid Rising Multi-Chain Competition

2026-04-03 14:05

Ethereum's dominance in the non-U.S. dollar stablecoin market has decreased significantly, with its market share falling from 90% at the start of 2023 to 65% by February 2026, according to data from Dune and Visa. This decline highlights the growing competition from other blockchains in the stablecoin sector. Despite the drop in market share, Ethereum remains the leading platform for stablecoin issuance. The network has seen a substantial increase in user activity, with the number of unique senders rising from 2,000 to 12,000 over the past year, indicating robust growth in its stablecoin ecosystem.

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