Stablecoin supply by chain is the dollar value of stablecoins circulating on each blockchain at a point in time. On November 11, 2026, DefiLlama's public stablecoin API reported about $287.7 billion of USD-pegged stablecoins summed across chains, with Ethereum holding about $132.95 billion (46.2%) and Tron about $93.53 billion (32.5%) (DefiLlama stablecoin chains API). This page records that snapshot by chain and by asset and is refreshed monthly from the same source.
Last reviewed: Nov 2026. Data pulled November 11, 2026. All figures are rounded to two decimals in billions of US dollars.
How the Data Is Collected
All figures come from two public DefiLlama endpoints, read on the same day. One gives the USD-pegged total per chain; the other gives each stablecoin's circulating amount per chain. Nothing is estimated or adjusted, and no figure on this page comes from any other source.
Per-chain totals: the
peggedUSDvalue per chain from the chains endpoint (DefiLlama chains).Per-asset splits: the
chainCirculatingvalues for USDT and USDC from the assets endpoint (DefiLlama stablecoins).Shares: each chain's value divided by the sum of all chains' USD-pegged values in the same response.
Not included: transfer volume. No free primary source for per-chain transfer volume was available for this edition.
Which Chains Hold the Most Stablecoins?
Two chains hold close to four fifths of USD-pegged stablecoin supply. Ethereum and Tron together held most of it, and the next thirteen chains combined held less than Tron alone. The table lists the fifteen largest by DefiLlama's per-chain total.
Rank | Chain | USD-pegged supply ($B) | Share | Sources |
1 | Ethereum | 132.95 | 46.2% | |
2 | Tron | 93.53 | 32.5% | |
3 | Solana | 14.39 | 5.0% | |
4 | BSC | 13.16 | 4.6% | |
5 | Hyperliquid L1 | 6.40 | 2.2% | |
6 | Base | 5.23 | 1.8% | |
7 | Arbitrum | 3.62 | 1.3% | |
8 | Polygon | 2.82 | 1.0% | |
9 | Plasma | 1.55 | 0.5% | |
10 | X Layer | 1.35 | 0.5% | |
11 | Arc | 1.33 | 0.5% | |
12 | Avalanche | 1.21 | 0.4% | |
13 | Robinhood Chain | 1.02 | 0.4% | |
14 | XRPL | 0.95 | 0.3% | |
15 | Aptos | 0.92 | 0.3% |
How Does Supply Split Between USDT and USDC?
USDT and USDC dominate, but they sit on different chains. USDT is concentrated on Tron and Ethereum, while USDC is spread more evenly across Ethereum, Solana, Hyperliquid and Base. That split shapes which routes see demand, because moving USDT and moving USDC use different rails.
DefiLlama reported about $175.75 billion of USDT and $70.03 billion of USDC in circulation on November 11, 2026 (DefiLlama stablecoins API). The largest chain balances for each:
Chain | USDT ($B) | USDC ($B) | Sources |
Ethereum | 66.80 | 42.17 | |
Tron | 92.13 | 0.03 | |
Solana | 2.15 | 7.11 | |
BSC | 9.18 | 1.59 | |
Hyperliquid L1 | 0.06 | 6.32 | |
Base | 0.00 | 4.43 | |
Arbitrum | 0.82 | 2.40 | |
Polygon | 0.71 | 1.60 |
The near-zero USDC figure on Tron matches Circle's own notice that it is discontinuing USDC support on Tron in a phased transition that began in March 2025 (Circle status). On BSC, DefiLlama's USDT line is a Binance-bridged token rather than a Tether-native deployment; Tether's own list of supported USDT chains does not include a BNB Smart Chain USDT contract (Tether supported protocols).
What the Concentration Means for Routing
Supply concentration tells you where funds start and end. When most USDT sits on Tron and Ethereum and most USDC sits on Ethereum and Solana, the busiest corridors run between those chains, and a route's coverage of them matters more than its total chain count.
USDT USDC Tron ######################## Ethereum ############## Ethereum ################# Solana ## BSC ## Hyperliq ## Solana # Base # (each # = about $4B, DefiLlama Nov 11 2026)
Route-level comparisons for the busiest corridors are in the related pages below, including cross-chain USDC and USDT routing compared and the best stablecoin in 2026.
Where This Falls Short
A single-source snapshot has known gaps. DefiLlama's classification decides what counts as a stablecoin and which chain a bridged token belongs to, and per-chain totals can include bridged representations. Supply is also a stock, not a flow, so it says nothing about how actively funds move.
Sum vs circulation: the per-chain sum ($287.7B) differs from the per-asset circulating sum because the endpoints aggregate differently (DefiLlama).
No transfer volume in this edition.
Daily movement: issuers mint and redeem continuously; Circle reported $11.9 billion of USDC issued in the 7 days to November 9, 2026 (Circle transparency).
Frequently Asked Questions
These answers cover the questions most often asked about this data.
Which chain has the most stablecoins?
Ethereum, with about $132.95 billion on November 11, 2026 (DefiLlama).
Which chain has the most USDT?
Tron, with about $92.13 billion (DefiLlama).
How often is this page updated?
Monthly, from the same two endpoints.
Related Reading
Sources and Methodology
Figures were read from DefiLlama's public stablecoin endpoints on November 11, 2026 and rounded. Context notes cite issuer pages fetched the same day.