Stablecoin Supply Hit $300.9B as Q3 Shifted Tokens From Ethereum to Tron

Stablecoin supply stood at $300.9 billion on October 1, 2026, according to the Q3 report from RWA Foundation and Token Terminal. The quarter’s clearest shift was between major networks: Tron added about $5 billion in supply, while Ethereum shed about $4.9 billion. Ethereum nevertheless remained the largest chain by supply. 367

What the report measures

The snapshot covered 195 stablecoin assets, 152 issuers and 47 chains. The report says its figures come from Token Terminal as of October 1, with growth measured over the preceding 90 days. It defines stablecoin market capitalization as circulating asset market cap—in this case, outstanding supply—and says figures were not adjusted or estimated. 213

That scope matters when comparing totals from different dashboards or reports. A figure taken on another date, or from a dataset with different coverage, is not automatically an apples-to-apples comparison. The $300.9 billion figure is best understood as this report’s tracked supply snapshot, not a universal total independent of methodology. 13

Ethereum remained largest as Tron gained supply

Tron recorded the largest reported chain increase, gaining about $5 billion in Q3. Ethereum moved in the opposite direction, losing about $4.9 billion. Despite that decline, Ethereum still accounted for 54.2% of total stablecoin supply on the report’s measure. 367

The available source material does not provide a sufficiently supported breakdown of gains on other chains, or a consistent comparison between each chain’s share of supply and its share of users. Those comparisons should not be inferred from the headline figures alone.

Issuer growth did not displace market leaders

Circle’s USDC, Ripple’s RLUSD and Ethena’s USDe were among the assets reported to have grown. One report of the quarter’s issuer rankings says Circle added about $915 million and Ripple about $765 million over the 90-day period. 38

Tether’s supply contracted by about $207.7 million, but that did not change the broader concentration of the market: Tether and Circle together still represented 85.9% of total supply. The figures show that smaller issuers and assets could grow while the largest issuers retained most of the market. 257

Holder addresses are not the same as people

The report’s snapshot lists 308.4 million holder addresses with a non-zero stablecoin balance. That is an address count, not evidence of 308.4 million distinct individuals. The sources available here confirm the October 1 total but do not establish a dependable Q3 change in holder addresses. 2613

What the evidence does not show

The supplied report details focus on market supply, chains, issuers and holder counts. They do not substantiate specific policy developments in the United States, El Salvador or Europe, so those claims cannot be summarized reliably from this evidence. Nor do the figures alone explain why supply changed on any particular chain.

Bottom line: The report describes a $300.9 billion tracked stablecoin market at the start of October, with Q3 supply shifting notably toward Tron and away from Ethereum. Ethereum remained dominant by supply share, and Tether and Circle continued to account for most of the market. 367