Ethereum's share of the stablecoin market has dropped from 90% to 65%.

Ethereum's Non-Dollar Stablecoin Share Drops to 65% as Rivals Gain Ground

Ethereum's dominance in non-dollar stablecoin supply is slipping. According to fresh data from Dune and Visa, its market share fell from 90% at the start of 2023 to 65% in February 2026. Other blockchains are quickly grabbing market share.

Still, Ethereum remains the leading blockchain for stablecoin issuance. One notable metric: Ethereum ranks only fifth in the number of unique senders on stablecoin networks. But user adoption is growing steadily—unique senders have jumped from 2,000 a year ago to 12,000, signaling that the stablecoin ecosystem is accelerating.