Stablecoins are an important part of the modern economy, facilitating trillions of dollars annually in cumulative onchain transaction volume and supporting use cases from global remittances to decentralized trading. These digital assets are designed to track the value of fiat currencies like the US dollar while offering the speed and composability of blockchain technology.
Due to their usefulness across a wide range of financial activities, stablecoins have grown tremendously in market size in recent years and expanded beyond a single network. The vast majority of stablecoins being used today are fiat-backed stablecoins whose values are backed, in whole or in part, by fiat currency like the US dollar. These stablecoins are increasingly available on multiple blockchains, unlocking brand new business models and financial opportunities wherever users are most active. We’ll dive into this important evolution. But first, here are a few important terms you should know:
From a single stablecoin network to a multichain world
Just a few years ago, most stablecoin activity was concentrated on a single blockchain: Ethereum. Circle’s USDC launched on Ethereum in 2018 and the rise of decentralized finance (DeFi) around 2020 further cemented Ethereum’s position as a hub for stablecoin activity.
For years, Ethereum’s high market liquidity and large developer community made it the primary home for fiat-backed stablecoins, and a wide variety of other blockchain innovations like decentralized apps (dApps), NFTs, and more. But as more users piled into the Ethereum network, it became more congested and expensive, as transaction fees spiked and stablecoin payments competed with other transaction types, such as NFT activity, speculative trading, and the rise of dApps like onchain gaming. In part, these inconveniences sparked a stablecoin migration in search of cheaper gas fees and less traffic, which has resulted in a more diverse, wide-ranging stablecoin ecosystem.
Crosschain liquidity and multichain stablecoins
As of early 2025, stablecoins exist on dozens of popular blockchains, though most stablecoin value and trading activity remains concentrated in a handful of networks. Some of the main blockchains that support stablecoin activity include:
- Ethereum: Ethereum continues to dominate stablecoin liquidity, and is home to roughly 60% of the total stablecoin supply. While Ethereum’s network inefficiencies are well-documented, it remains the leading center of DeFi activity and the primary connection to a group of compatible blockchains including Ethereum-like Layer-2 blockchains which use familiar programming but engineered for relatively cheaper, faster transactions.
- Solana: Stablecoin use surged on Solana in 2024, driven by enthusiastic crypto trading and new ecosystem projects. The network surpassed BNB Chain with the third-largest stablecoin supply for the first time in early 2025.
- BNB Chain: Binance’s BNB Chain (formerly Binance Smart Chain) was historically a major venue for dollar stablecoins, thanks in large part to Binance’s native stablecoin.
- Emerging blockchains: New chains like Aptos, Arbitrum, Base, and Sui are quickly climbing the ranks thanks to scalable throughput and seamless USDC access. These newer, faster blockchains quickly gained stablecoin liquidity as users moved to cheaper transaction environments. Base, for example, went from nearly zero to almost 2% of stablecoin liquidity soon after launching.
Why it matters: how multichain stablecoin infrastructure enables blockchain interoperability
The evolution of stablecoins from a single-chain asset to a multichain resource is key to creating a more global, user-friendly financial system. The various benefits of multichain stablecoins have fueled the growth of crosschain liquidity solutions, allowing users and apps to move value across blockchains with ease. Multichain liquidity helps prepare stablecoins for real-world use across applications, regions, and protocols. This has several important implications for the adoption and usage of digital assets.
Freedom and convenience
When stablecoin liquidity is abundant across many chains, users aren’t locked into one chain — they can bring their dollars wherever they go onchain. They can pick a blockchain that best suits their needs, whether it’s lower fees, faster transactions, or a particular application ecosystem, without sacrificing access to assets designed to maintain stability.
For instance, someone who prefers Solana’s speed can hold USDC on Solana and spend or trade it natively, just as easily as someone using USDC on Ethereum or USDC on Arbitrum. For developers, having stablecoins on their chain means they don’t have to reinvent the wheel for payments or liquidity in their apps; they can plug into the stablecoin that users already trust. This is one reason Circle has deployed USDC on so many platforms: it helps jumpstart entire ecosystems with a trusted financial foundation.
Crosschain liquidity and reliability
With stablecoins available across multiple blockchains, market disruptions should become less common and destabilizing. If one chain clogs, another takes the load. It’s the blockchain equivalent of financial load balancing.
In the past, there have been times when Ethereum became very expensive to use (for example, during NFT booms), and users temporarily shifted some of their activity to Layer-2 networks or alternative L1s. Because stablecoins were available on other networks, users could keep going with little disruption. But if all stablecoins were stuck on one chain, a problem there could freeze a big part of the crypto economy. It’d be like hosting all your bank accounts in a city with only one ATM. If it shuts down, everything grinds to a halt. By distributing value across chains, the system as a whole becomes more resilient and less prone to disruption.
Broader ecosystem growth
The availability of crosschain liquidity pools for stablecoins can make or break emerging blockchain ecosystems. Many users won’t seriously engage with a new chain if they can’t easily get their money in and out of the emerging ecosystem in a stable form. As a result, when stablecoins are made available on new chains, these chains attract users more easily. We’ve seen how, in 2024, Base rapidly grew its stablecoin pools (growing by 300% in less than 6 months, largely fueled by USDC on Base). Similarly, we’ve seen how Solana’s revival was fueled by fresh USDC flowing in.
In the future, we might see even more specialized chains (for gaming, social networks, and so on) that take off more quickly because stablecoins are readily available to power in-app economies or reward systems. When users easily understand how to transfer stablecoins across chains, it can effectively bootstrap these networks by injecting trusted liquidity from day one.
A more unified, frictionless digital economy
In addition to bridging traditional finance and DeFi, stablecoins are also linking different blockchains together. A growing number of decentralized exchanges (DEXs) and platforms focused on crosschain swapping are using stablecoins as the common medium of exchange, which ultimately leads to cheaper and faster end user services.
For example, imagine taking a stablecoin loan on an Ethereum L2, then seamlessly using those funds on a Solana application, all through interconnected protocols behind the scenes. For users, it would feel as if your stablecoins teleported to exactly where they’re needed — no bridge, no friction. The importance here is that the utility of stablecoins increases when they aren’t siloed. If your digital dollars can only exist in a closed ecosystem, their usefulness is limited. But if they’re accepted anywhere onchain, then stablecoins like USDC become what they’re meant to be: money that moves at internet speed.
How stablecoins move between chains
Stablecoins exist on multiple blockchains through two main ways: native issuance and bridging.
Native stablecoins
When a stablecoin is "native," it means the company behind the stablecoin has directly issued tokens on that blockchain. For example, Circle, the company behind USDC, issues native USDC on 20+ blockchains, as of June 13, 2025: redeemable, traceable, and security-focused by design. This means each token is fully backed by highly liquid cash and cash-equivalent assets. (To see a complete and up-to-date list of blockchains that support native USDC, click here.)
If a stablecoin isn't natively issued on a blockchain, it can still exist there using a bridge. Bridging works by locking stablecoins on one blockchain and issuing "wrapped" stablecoins on another. For example, before native USDC launched on Avalanche, users bridged Ethereum-based USDC to Avalanche using third-party bridges, creating "USDC.e" tokens on Avalanche. To redeem these tokens, you had to bridge them back to Ethereum first, which added extra steps, potential fees, and security risks if the bridge was compromised.
While bridges help move stablecoins around, they introduce more risk. If a bridge gets hacked, users might lose funds. Bridges add risk and complexity, often creating multiple versions of the same token that don’t behave the same way. That’s why most stablecoin providers are trying to directly issue native stablecoins on more chains, reducing reliance on third-party bridges.
New technology is also making transfers safer. For example, to help solve bridging difficulties, Circle launched the Cross-Chain Transfer Protocol (CCTP) — a permissionless system that enables the movement of native USDC between supported blockchain networks. In other words, instead of locking USDC in a smart contract on one blockchain, and minting a similar-but-different version of it on another blockchain, CCTP works by burning (or destroying) native USDC on the origin blockchain and minting (or creating) native USDC on the destination blockchain. With CCTP, your USDC doesn’t have to be locked in a smart contract where it can potentially incur more risk. And, as an open system, any developer can build CCTP functionality into their dApps, including DEXs and bridges, to move native USDC across chains more quickly and seamlessly.
Why multichain stablecoin payments are the future
Stablecoins have moved far beyond their original role as simple tokens on a single blockchain. Today, their growth across various blockchain ecosystems reflects their key role in digital finance.
The growth of multi chain stablecoin payments unlocks new financial efficiencies for individuals and institutions. As networks become more connected, stablecoins will serve as the value layer for seamless cross chain liquidity and interoperable digital finance.
Stablecoins are quickly becoming the digital economy’s connective tissue. These important tools connect different blockchain ecosystems, power innovative financial products, and help everyday people participate in a more reliable digital economy.
