BNB Chain has just delivered a stunning performance in the stablecoin sector. According to the latest Messari report, the stablecoin market cap on BNB Chain surged by an impressive 49.6% quarter-over-quarter (QoQ) in Q2 2025, climbing from $7.0 billion to a whopping $10.5 billion.
This marks the largest quarterly growth since 2022, positioning BNB Chain as the third-largest network for stablecoins, trailing only Ethereum and TRON.
Surge Of Stablecoin Market Cap On BNB Chain – Key Drivers
The jump in stablecoin market cap on BNB Chain wasn’t a fluke; it stemmed from strategic launches and user-friendly initiatives. One standout factor was the debut of USD1 in March 2025, which quickly amassed $2.2 billion in market cap by quarter’s end, capturing 20.6% of the share. This newcomer reshaped the landscape, challenging established players and injecting fresh liquidity.
Adding fuel to the fire was the “0-Fee Carnival” program, launched in late Q3 2024 and extended through August 31, 2025. Partnering with 12 wallets, eight centralized exchanges, and two bridges, it eliminated gas fees for transfers of major stablecoins like USDT, USDC, USD1, and FDUSD on BNB Smart Chain and opBNB. To date, the program has covered $4 million in gas fees, making transactions more accessible and boosting adoption.
Breakdown of Major Stablecoins
To give you a clearer picture, here’s a bullet-point overview of the top stablecoins contributing to the stablecoin market cap on BNB Chain:
- USDT (Tether): Dominating with $6.3 billion, up 21.3% QoQ, but its market share dipped to 59.9% amid rising competition.
- USD1: The breakout star at $2.2 billion, rapidly gaining ground as a new entrant.
- USDC (Circle): Rose 33.8% to $989.7 million, holding 9.5% of the market.
- USDX: A delta-neutral synthetic stablecoin, increasing 7.0% to $519.1 million.
- BUSD and USDF: Saw declines, with BUSD at $255.1 million and USDF dropping 51.7% to $63.8 million.
Impact on User Activity and DeFi
This growth translated into tangible metrics. Daily stablecoin transactions averaged 1.5 million, up 22.9% QoQ, while active addresses hit 619,400 daily, a 25.8% increase. Monthly, BNB Chain boasted 14.5 million active stablecoin addresses, making it the go-to chain for users.
DeFi integrations amplified the momentum. Ethena Labs introduced USDe and sUSDe in April 2025, partnering with platforms like PancakeSwap, Venus, and Pendle. This led to a 957.1% spike in StableSwap’s daily trading volume, reaching $41.9 million. Upgrades like Lorentz and Maxwell further enhanced execution speed, solidifying BNB Chain‘s edge in efficiency.
Overall, this surge in stablecoin market cap on BNB Chain signals stronger liquidity and user engagement in a competitive space. As blockchain adoption grows, such developments could pave the way for more innovative applications.
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