Ethereum hosts 54% of stablecoin issuance; tokenized stocks up 170%, report says
In brief
- Ethereum accounted for about 54.1% of stablecoin issuance, per Crypto Briefing.
- Ethereum's share of stablecoin holdings is lower, at about 47.69% ($143.76 billion).
- Tron ranks second with roughly $94 billion issued, about 31% of the market.
- Ethereum tokenized stocks are valued at $827 million to $841 million, depending on source.
- BNB Chain leads tokenized equities, according to research cited by the report.
Issuance isn't the same as holdings
There are two different numbers here, and it's worth keeping them apart. Crypto Briefing reports that roughly $162.5 billion to $163 billion worth of stablecoins had been issued on Ethereum, inside a total stablecoin market cap of around $300 billion to $301 billion (tracked across 47 blockchains). Holdings come in lower. Ethereum's stablecoin holdings stood at approximately $143.76 billion, or about 47.69% of the total market, per the same report.
Issuance measures where stablecoins get created. Holdings measure where they actually sit. The research also notes that bridging activity between chains affects both metrics, so the 54% figure isn't Ethereum's share of stablecoin holdings.
By either measure, Ethereum hosts more stablecoins than any other blockchain.
Tron ranks second, having issued roughly $94 billion in stablecoins (approximately 31% of the market). Tether's USDT and Circle's USDC continue to dominate overall supply, with significant portions of both on Ethereum, according to the report.
Tokenized stocks are growing, but BNB Chain leads
Ethereum's tokenized stock market grew about 170% year over year to $827 million, Crypto Briefing said. The range matters. Depending on the data source, tokenized stocks on Ethereum were valued between $827 million and $841 million, while the total market cap of tokenized equities across chains sat between $3.8 billion and $4.4 billion.
That's still a minority slice. The research cited by Crypto Briefing identifies BNB Chain as the leader in tokenized equities and the sector's primary growth driver. The overall tokenized stock market crossed $3 billion earlier in 2026 and has kept expanding since, per the report.
Where each chain fits
The report describes a split market. Tron holds a niche in peer-to-peer transfers, BNB Chain leads in tokenized equities, and Ethereum hosts the most stablecoins. On Ethereum itself the gap in scale is hard to miss: its stablecoin issuance is measured in hundreds of billions of dollars, while its tokenized stocks are still measured in hundreds of millions.
Frequently asked questions
What's the difference between Ethereum's 54.1% and 47.69% stablecoin shares?
The 54.1% figure measures issuance, meaning where stablecoins were created. The 47.69% figure, about $143.76 billion, measures holdings, meaning where stablecoins actually sit. According to research cited by Crypto Briefing, bridging activity between chains affects both metrics.
Does Ethereum lead the tokenized stock market?
No. Research cited by Crypto Briefing says BNB Chain leads tokenized equities and is the sector's primary growth driver. Tokenized stocks on Ethereum were valued between $827 million and $841 million, depending on the data source, within a cross-chain market of $3.8 billion to $4.4 billion.
