ChainCatcher’s report of November 11, 2026 relays a post by crypto analyst Tom Wan on X. The observation is stablecoin market share and on-chain supply, not price, trading volume, or sentiment. Wan said Ethereum’s stablecoin market share had fallen to 46%, a level he described as a historical low.
The comparison window in that post is the prior year, as of the November 11, 2026 report:
- Stablecoin supply on Ethereum: down $32.5 billion.
- Total stablecoin supply across the market: down about $10 billion.
- Tron: supply up $16.2 billion; market share at 32%.
- Hyperliquid: supply up $1.6 billion.
- Solana: supply up $1.6 billion.
- Arc, X Layer, Robinhood Chain, Tempo, and Monad, described as blockchains launched this year relative to the report: a combined supply increase of about $5.2 billion.
Read as a supply snapshot, Ethereum’s reported decline was larger than the roughly $10 billion drop in market-wide supply, while Tron, Hyperliquid, Solana, and the named newer chains were reported higher. That pattern is consistent with stablecoin balances shifting among chains rather than the whole market contracting by the same amount as Ethereum. ChainCatcher does not give Wan’s data source, methodology, or share figures for chains other than Ethereum (46%) and Tron (32%). The 46% “historical low” is Wan’s characterization as relayed in the report, not a figure independently reconstructed here, and the post as summarized does not assign a single cause.
Original article: ChainCatcher, published November 11, 2026, 08:13:17 UTC+8.
