Ethereum dominates USDC issuance with 70% of $72B market cap

If you want to understand where the stablecoin economy actually lives, look at Ethereum. Circle’s USDC has grown into a $72 billion asset, and roughly 70% of that supply, around $49.5 billion, is issued natively on Ethereum. The numbers behind the dominance Ethereum’s share of USDC issuance sits at approximately 68.8% of total supply. Solana, which is widely considered Ethereum’s most credible competitor for stablecoin activity, hosts around $7 billion in USDC. That is roughly one-seventh of what Ethereum handles. USDC itself has grown considerably over the past year or so. The total supply has climbed from around $60 billion in early 2025 to over $72 billion today, driven by institutional adoption and the continued expansion of DeFi protocols that rely on dollar-denominated liquidity. Circle first launched USDC on Ethereum in September 2018. The acceleration of multi-chain expansion came with the rollout of the Cross-Chain Transfer Protocol, or CCTP, starting in 2023. What CCTP actually changes Before CCTP, moving USDC between blockchains meant using a bridge, which meant holding a wrapped or “bridged” version of the token, often called USDC.e on chains like Avalanche. Bridged tok...