BNB Chain onboarded 985,000 new stablecoin holders in the week ending September 28, capturing more than half of the combined growth across the top ten blockchains during that period. Base, the second-fastest growing network, added 202,500 new holders by comparison.
The surge extends a months-long trend. BNB Chain surpassed Tron in August to become the network with the most stablecoin-holding addresses, reaching approximately 79.3 to 80 million wallets compared to Tron's 76 million. The network held roughly 42 million stablecoin addresses in late 2024.
USDT Dominates the Growth
Tether's USDT accounted for approximately 845,900 of the new addresses on BNB Chain, serving as the primary driver of the week's expansion. Circle's USDC contributed another 390,800 new holders. Combined, these two stablecoins represented roughly 95% of new stablecoin addresses across the top ten chains for the week.
Growing Wallets, Concentrated Supply
BNB Chain leads in stablecoin holder count but does not lead in total stablecoin supply. New stablecoin supply has flowed primarily to Solana, Ethereum, and Hyperliquid. Total stablecoin supply across all networks stood at approximately $302.5 billion as of the latest data, reflecting a modest monthly increase.
The divergence reflects a significant difference in holder composition. BNB Chain has a substantially higher number of small-balance wallets compared to Ethereum, where institutional-sized positions skew the average balance per holder considerably higher.
Strategic Drivers Behind the Growth
BNB Chain's expansion has been supported by fee waivers and promotional campaigns that reduce barriers to wallet creation. The network's compatibility with MetaMask and other popular wallet interfaces has also minimized friction for new users. Transaction counts and active address metrics on BNB Chain have consistently ranked among the highest across EVM-compatible networks.
For Tron, which held the stablecoin address leadership for years largely through USDT transfers in Asia, the loss of the top position to BNB Chain represents a significant shift in market dynamics.
