Originally reported by Odaily on November 11, 2026, at 08:04 UTC+8.
Crypto analyst Tom Wan said on X that Ethereum’s share of the stablecoin market had fallen to 46%, which he described as an all-time low. He said stablecoin supply on Ethereum declined by $32.5 billion over the preceding year, while total stablecoin supply across the market fell by only about $10 billion.
Over the same period, Wan said, stablecoin supply on Tron rose by $16.2 billion, bringing its market share to 32%. Hyperliquid and Solana each added $1.6 billion. He also attributed a combined increase of about $5.2 billion to Arc, X Layer, Robinhood Chain, Tempo and Monad, which he described as chains launched in 2026.
The report does not identify Wan’s dataset or calculation method. These supply changes show where balances increased or decreased, but do not by themselves establish why they changed.
