# Ethereum Holds 47.69% of Stablecoin Supply Across Networks

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/35264
Published: 2026-10-20T03:25:13.000Z
Updated: 2026-10-20T03:25:13.000Z
Section: Investing

> Stablecoins issued on Ethereum were valued at $163.015 billion, equal to about 54.1% of the tracked market.

Ethereum held 47.69% of tracked stablecoin value late Oct. 19, while tokens issued on the network equaled about 54.1% of the market, making the measure used central to comparing blockchains.

The value held on Ethereum was $143.759 billion out of a $301.435 billion stablecoin market at 11:17 p.m. ET on Oct. 19 (03:17 UTC Oct. 20). Tron ranked second by network balance, with $94.870 billion, or about 31.5% of the same market.

Ethereum’s larger $163.015 billion figure measures stablecoins issued on the network. Dividing that amount by the $301.435 billion market total yields about 54.1%. The two Ethereum figures differ by $19.256 billion, or roughly $19.3 billion, because they count issuance and current network balances separately.

A stablecoin can be issued on one chain and represented on another through a bridge. In that process, the original token may remain locked while a version circulates elsewhere. Bridging illustrates why an issuance total and a network balance can diverge, though the figures do not show how much of Ethereum’s gap it explains.

Network balances also differ from transfer activity. In a September 2026 measure of peer-to-peer stablecoin transfers, Tron accounted for approximately 73% of the value moved, compared with 15% for Ethereum. Those percentages cover transfers during a period, while the $94.870 billion and $143.759 billion balances capture amounts held at a specific time.

The comparison puts Tron in second place by stablecoin balance even as it leads that transfer measure. Neither ranking alone describes both where stablecoins sit and where they move. The September transfer shares also cover a different observation period from the late Oct. 19 balance reading.

Stablecoin value is concentrated among tokens as well as networks. At 11:40 a.m. ET (15:40 UTC) on Oct. 19, Tether (USDT) made up 60.7% of a separately tracked stablecoin market, and USD Coin (USDC) made up 23.9%. Their combined share was 84.6% in that dataset.

That token reading came earlier than the network balance snapshot and uses its own market coverage. It measures how tracked value is divided between stablecoins, rather than how the $301.435 billion chain total is divided between Ethereum, Tron and other networks.