From January to September 2024, the total supply of stablecoins expanded significantly, increasing by 32.4%.
Ethereum, which remains a key player in the space, saw its own stablecoin supply rise by 25.5%, amounting to $17.2 billion.
Despite this growth, Ethereum's dominance in the stablecoin market dropped slightly, from 51.9% to 49.1%, as the overall sector growth outpaced its performance.
Meanwhile, TRON has also made significant moves in the stablecoin market.
As of September 23, 2024, TRON's stablecoin supply reached $59.8 billion, giving it a 34.8% share of the market and securing its position as the second-largest player in stablecoins.
TRON's supply grew by 21.6% over the same period, but its market share slipped from 37.9% at the start of the year, indicating that its growth, while strong, was outpaced by other competitors.
The growing competition in the stablecoin market reflects a rapidly evolving landscape, where multiple blockchain platforms are vying for dominance.
Although Ethereum and TRON continue to lead, shifts in market share reveal that the stablecoin sector is far from static.
With demand for stablecoins on the rise, the coming months may see further changes in the balance of power between the major players.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.