Which chains rely most on a single stablecoin?
As of Jul 18, 2026, Tron had the highest top-asset share among 10 admitted chains: USDT represented 98.4% of that chain's tracked stablecoin balances. Here, single-asset reliance means top-asset share; the admitted-chain median was 68.9%.
| Chain | Top stablecoin | Top stablecoin share | Within-chain HHI | Tracked assets | Tracked balance |
|---|---|---|---|---|---|
| Tron | USDT | 98.4% | 9,687.17 | 6 | $92.32B |
| HyperEVM | USDC | 96.9% | 9,399.33 | 10 | $5.86B |
| X Layer | USDG | 93.5% | 8,778.89 | 4 | $1.94B |
| Base | USDC | 91.5% | 8,407.80 | 21 | $4.63B |
| Avalanche C-Chain | USDT | 71.3% | 5,406.58 | 19 | $2.59B |
| BNB Chain | USDT | 66.5% | 4,704.99 | 33 | $13.81B |
| Ethereum | USDT | 55.6% | 3,921.09 | 74 | $179.49B |
| Arbitrum | USDC | 55.4% | 3,535.66 | 24 | $4.74B |
| Solana | USDC | 45.1% | 2,742.76 | 30 | $16.15B |
| Polygon | USDC | 42.7% | 2,710.07 | 19 | $4.23B |
About the data
What is counted
Latest reviewed snapshot of tracked stablecoin balances, grouped by canonical asset within each admitted chain.
Coverage and comparison
- Same-snapshot admitted-chain comparison: Jul 18, 2026 to Jul 18, 2026, expressed in top-asset share of within-chain tracked balances.
- Each percentage uses that chain's reviewed tracked stablecoin balance as its denominator.
- 10 chains met the reviewed admission thresholds and are included in the same-snapshot comparison.
- Chains require at least $1B in tracked balances and 3 tracked canonical asset labels.
- Tron's within-chain HHI was 9,687.17 on a descriptive 0-10,000 scale; no DOJ/FTC bands are applied.
What this does not show
Do not infer chain adoption, liquidity, bridge net flow, payment activity, demand, reserves, peg safety, redemption capacity, solvency, or fresh fiat inflow. Do not use this as a measure of how a single stablecoin distributes across chains, or as cross-chain fragmentation / entropy. Do not apply DOJ/FTC HHI bands to within-chain stablecoin composition. Do not merge native and bridged asset labels unless a reviewed asset policy version says to do so.
Common questions
Which chain relies most on a single stablecoin?
As of Jul 18, 2026, Tron had the highest top-asset share among 10 admitted chains: USDT represented 98.4% of that chain's tracked stablecoin balances. Here, single-asset reliance means top-asset share; the admitted-chain median was 68.9%.
Which chains are included in this comparison?
The ranking includes chains with at least $1 billion in tracked stablecoin balances and at least three tracked canonical asset labels in the displayed snapshot. A chain below either cutoff is outside this comparison; that does not prove it has no single-asset concentration.
How do top-asset share and within-chain HHI differ?
Top-asset share measures how much of a chain's tracked stablecoin balance belongs to its largest asset. Within-chain HHI uses every tracked asset share on a 0-10,000 scale, so it describes the concentration of the full asset mix.
Does high single-asset reliance prove chain adoption?
No. It describes the tracked stablecoin mix on a chain; it does not prove adoption, liquidity, bridge net flow, payment activity, demand, reserves, peg safety, or solvency.
Sources & methodology
Source
Dune Analytics
Dune stablecoins_multichain.balances
- Cadence
- weekly
- Data through
- Jul 18, 2026
- Checked
- Oct 13, 2026
Largest tracked stablecoin asset share within each admitted chain, with within-chain HHI as supporting composition context.
Verification details
Method
- The chart derives each chain's top-asset share and HHI from one cached stablecoin_highway_extract.v1 snapshot.
- It admits only chains with at least $1B in tracked balances and three tracked asset labels; native and bridged labels remain separate.
- Source execution
- dune:7973509:stablecoin-highway-supply-endpoints
View SQL
-- THD stablecoin_highway_extract.v1
-- Source implementation: r3_weekly_lagged_exact_date
-- Parameterless so Dune Scheduler can own the weekly source execution.
WITH refresh_policy AS (
SELECT DATE_ADD('day', -2, CURRENT_DATE) AS target_date
)
SELECT
CAST(b.day AS DATE) AS date,
LOWER(TRIM(b.blockchain)) AS chain,
TRIM(b.token_symbol) AS asset_raw,
SUM(b.balance_usd) AS supply_usd,
'dune:stablecoins_multichain.balances' AS source
FROM stablecoins_multichain.balances AS b
CROSS JOIN refresh_policy AS p
WHERE b.day = p.target_date
AND b.currency = 'USD'
AND b.balance > 0
AND b.balance_usd > 0
AND b.blockchain IS NOT NULL
AND TRIM(b.blockchain) <> ''
AND b.token_symbol IS NOT NULL
AND TRIM(b.token_symbol) <> ''
GROUP BY 1, 2, 3
HAVING SUM(b.balance_usd) > 0
ORDER BY 2, 4 DESC;