Ethereum's dominance in non-USD stablecoin supply has shrunk to 65% as of February 2026, down from 90% in early 2023, according to data published by Dune and Visa on Thursday. Despite the decline, Ethereum remains the default chain for stablecoin issuance, though other blockchains are catching up in market share.
While Ethereum leads in issuance, it ranks only fifth by unique senders across stablecoin networks. The absolute growth in activity has been significant, with unique senders increasing from 2,000 to 12,000 year-over-year as of February 2026, indicating expanded user adoption across the stablecoin ecosystem.
Sources: Dune
To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
