Ethereum Dominance: Ethereum remains the primary hub, hosting 9 out of 10 major stablecoins, withUSDf (93.1%) andUSDS (92.3%) being almost entirely chain-dependent. Segmented Strategies:USDT leads in payments viaTron (45.9%), whileUSDC dominates DeFi throughEthereum (64.7%) andSolana (11.5%). Institutional Diversification: BlackRock’sBUIDL is the most balanced, split nearly equally betweenEthereum (32.5%),Aptos (30.9%), andBSC (27.9%). Emerging Hubs:Solana has secured its niche as the preferred secondary chain for payment tokens likePYUSD (21.3%) andUSD1 (18.1%). Concentration Risk:USYC (92.6% on BSC) andDAI (82.5% on Ethereum) face high single-chain reliance compared to the distributed nature of newer assets. Ecosystem Breadth:BSC is now the second most diverse network, while Layer 2s likeBase andArbitrum still hold less than 5% of the total supply.

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