In a report published on November 11, 2026, ChainCatcher cited crypto analyst Tom Wan’s X post saying Ethereum’s share of stablecoin supply had fallen to 46%, which he described as an all-time low.
According to Wan, stablecoin supply on Ethereum declined by $32.5 billion over the preceding year, while supply across the entire market fell by only about $10 billion. Over the same period, he said, supply on Tron rose by $16.2 billion, bringing its market share to 32%. Hyperliquid and Solana each gained $1.6 billion.
Wan also attributed a combined $5.2 billion increase in stablecoin supply to Arc, X Layer, Robinhood Chain, Tempo and Monad, which the report described as chains launched in 2026.
These figures describe changes in supply across chains, not the transfers or decisions that produced them. The short report does not identify a dataset, an exact measurement date or a methodology for calculating market share, so the figures and all-time-low characterization remain attributed to Wan rather than independently verified here.