source avatarLeon Waidmann

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#Ethereum's stablecoin dominance is taking a SERIOUS hit. 🚨 And the biggest beneficiary appears to be TRON, not Ethereum's L2s. Look at the past 12 months: 🔹 Ethereum Mainnet: -$31.5B (-19%) 🔹 Tron: +$16.1B (+21%) 🔹 Ethereum L2s: +$1.0B (+9%) 🔹 Solana: +$0.8B (+6%) 🔹 BNB Chain: +$0.9B (+6%) Ethereum Mainnet's share of global stablecoin supply fell from ~55% to ~46%. And here's what REALLY concerns me. Tron accounted for nearly 75% of the net stablecoin supply growth outside Ethereum Mainnet. Meanwhile, Ethereum's L2 ecosystem barely grew. I remain extremely BULLISH on Ethereum as financial infrastructure. BUT I'd genuinely like to understand WHY stablecoin supply on Ethereum Mainnet is declining so much faster than on competing chains. Are we seeing a structural shift toward cheaper payment networks, large-scale redemptions, or something else entirely? I don't think this trend is getting nearly enough attention. And understanding what's driving it could tell us A LOT about where the onchain economy is heading next. 👀

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