Artemis data reveals a significant shift in stablecoin liquidity across major blockchains for February 2026. The Tron network led all chains with a net stablecoin supply growth of $1.6 billion, reinforcing its role as a primary settlement layer for USDT in emerging markets and high-frequency transactions. This growth is attributed to the network's near-zero transaction fees and fast finality.
In stark contrast, Ethereum recorded the largest net outflow of any chain in the dataset, losing over $2 billion in stablecoin supply during the same period. This represents a meaningful contraction in on-chain liquidity on Ethereum, which remains the largest stablecoin settlement layer by total value. Analysts suggest the outflow could be due to a combination of stablecoin migration to cheaper networks like Tron and Solana, and potential institutional redemptions back to fiat amid broader market stress.
Solana followed as the second-largest net gainer, with a net addition estimated between $700 million and $900 million. This aligns with broader momentum on Solana, which also saw a record high in its Real-World Asset (RWA) market cap and increased Tether Gold volume. Other networks like Polygon PoS, Arbitrum, Sui, and HyperEVM showed smaller positive supply changes, while Plasma and Base recorded modest negative changes.
On Tron, the total stablecoin market cap reached $86.037 billion, with USDT dominance standing at 98.32%, representing over $84.6 billion circulating on the network. Bridged Total Value Locked (TVL) hit $90.436 billion, with 10.01 million transactions and 2.89 million active addresses recorded in a 24-hour window. Concurrently, Tron Inc. has been transparently accumulating TRX in its treasury, which now holds over 684 million TRX, signaling confidence in the ecosystem's long-term value.
