BNB Chain has edged past TRON to become the most active network for stablecoin transactions, fueled by surging DEX volume and spillover from Binance’s trading incentives. But analysts at ARK Invest noted that the space has become more fragmented.
Summary
- BNB Chain has overtaken TRON as the busiest network for stablecoin activity, driven by rising on-chain trading and Binance-backed incentives.
- While Ethereum and its Layer 2s still dominate institutional settlement, BNB Chain now leads in user engagement and decentralized exchange volume.
- The report says the market is becoming more fragmented, where liquidity is spreading across multiple chains instead of concentrating on a single network.
BNB Chain has quietly dethroned TRON as the biggest network in terms of stablecoin activity.
According to ARK Invest‘s “The DeFi Quarterly” report, since the first stablecoin hit the market, around 192 million addresses have interacted with them. Tether’s (USDT) dominates with roughly 115 million of those, while the now-defunct Binance USD (BUSD) still accounts for 35 million, and USD Coin (USDC) trails close behind at 31 million.
Stablecoins by issuer and chains | Source: ARK Invest
As ARK’s analysts put it, quarterly stablecoin adjusted transaction volume “has grown 43% year-to-date, approaching $9 trillion during the third quarter 2025,” implying that stablecoins are circulating faster and across more networks than ever before.
Network shares
Ethereum is still the biggest elephant in the room. Especially when counting its Layer 2s like Base and Arbitrum, which together handle about 48% of total stablecoin transactions. Meanwhile, TRON built its footprint by carrying USDT flows across emerging markets, a dynamic that kept it relevant long after newer players entered the scene.
But network shares have shifted as the report shows Ethereum’s share of stablecoin supply rising from 51% to 55% as TRON’s slipped from 32% to 26%. And somewhere in that reshuffle, BNB Chain made its move, picking up the slack as Solana lost ground and trading activity migrated elsewhere.
Active stablecoin addresses by chain | Source: ARK Invest
This line from the report captures the change in supply allocation across chains. BNB Chain’s gains came as Solana lost ground, and spot DEX activity moved.
DEX volume tells the same story. Since late 2024, decentralized trading jumped around 61%, climbing from roughly $1 trillion to $1.7 trillion. Meanwhile, Solana’s share plunged from 47% to 19%, while BNB Chain’s shot up from 11% to 47%.
Boom of TVL
As ARK Invest explained, the change followed Binance’s zero-fee trading program, noting that the program “drove a surge in PancakeSwap volume and redirected memecoin trading away from Solana to BNB Chain.”
The program also made certain trading flows more attractive on BNB Chain as traders moved memecoin and retail liquidity toward the chain that connected tightly with Binance, the report reads.
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Additionally, BNB Chain also stands out for trading efficiency. As of Q3 2025, the chain had the most spot DEX volume relative to total value locked (TVL). According to the report, the network’s quarterly volume soared 94.7 times that of TVL, a ratio that is far above Ethereum’s roughly 3.83x.
While Ethereum still draws large, long-term capital that moves less often, BNB Chain concentrates higher turnover and more speculative flows.
Growing competition in a fragmented space
Stablecoin supply trends are also shifting. Together, USDT and USDC’s market share dipped slightly from 93% to 89% this year as newer entrants gained ground. Ethena Labs’ USDe climbed about 68% to nearly $14 billion, while PayPal’s PYUSD surged 135% to around $2.4 billion, and most of it on Ethereum, ARK notes.
On top of that, the DEX-to-CEX ratio has also changed. As on-chain trading has gained against centralized venues, the ratio rose about 192% in 2024.
While BNB Chain may not replace Ethereum as the primary network for institutional stablecoin custody or as the main settlement hub, with Ethereum and its Layer 2s still handling the largest share of dollar-denominated transactions, it has nonetheless taken the crown for active user engagement and DEX-led trading, the report notes.
As ARK’s report suggests, the broader outcome is a fragmented market. One where stablecoins are moving across more chains and venues than ever. That fragmentation brings new challenges around liquidity and routing, but it also leaves space for each network to specialize in what it does best.
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