Crypto analyst Tom Wan said in an X post reported by Odaily on November 11, 2026, at 08:04 UTC+8 that Ethereum’s share of the stablecoin market had fallen to 46%, a record low.
Over the preceding year, stablecoin supply on Ethereum fell by $32.5 billion, while total stablecoin supply across the market declined by about $10 billion, according to Wan. Over the same period, supply on Tron rose by $16.2 billion, bringing its market share to 32%. Hyperliquid and Solana each added $1.6 billion.
Wan also said blockchains launched in 2026—including Arc, X Layer, Robinhood Chain, Tempo and Monad—collectively added about $5.2 billion in stablecoin supply. The figures describe a shift in where stablecoins were held over the reporting period; they do not, on their own, establish why that shift occurred.