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Data: Approximately 65% of the non-USD stablecoin supply is held in Ethereum.
ChainCatcher message, according to Dune data, Ethereum currently still holds about 65% of the non-USD stablecoin supply, down from about 90% at the beginning of 2023. Although other chains are catching up, Ethereum remains the default choice for stablecoin issuance.
According to a Dune report, although the distribution and activity of stablecoins mainly take place on other chains, Ethereum ranks fifth by the number of independent senders, but its growth rate is surging. As of February 2026, the number of independent senders has grown from 2000 to 12000, representing a significant year-over-year increase.