BNB Chain onboarded 985,000 new stablecoin holders in the seven days leading up to September 28, a figure so large that it accounted for more than half of the combined growth recorded across all top-ten blockchains over the same period. The closest competitor, Base, added 202,500 new holders.

Stablecoin holder counts are among the most closely watched adoption metrics in the sector. Stablecoins are blockchain tokens pegged to fiat currencies such as the US dollar and are used throughout crypto markets for trading, payments, and moving money across borders, so wallet growth offers a direct read on how far on-chain dollars are reaching.

The weekly tally underscores the pace at which the network's stablecoin user base has expanded. In August, BNB Chain overtook Tron to become the network with the most stablecoin-holding addresses, with roughly 79.3 to 80 million wallets compared with Tron's 76 million. As recently as late 2024, BNB Chain held only about 42 million stablecoin addresses—meaning its holder base has nearly doubled in under a year.

USDT drives the bulk of new holders

Tether's USDT was responsible for approximately 845,900 of the new addresses, making it the overwhelmingly dominant driver of BNB Chain's growth. Circle's USDC contributed another 390,800 new holders. Combined, Tether and Circle represented roughly 95% of new stablecoin addresses across the top ten chains for the week, a reminder of how concentrated the market remains at the issuer level, with the two largest dollar-pegged tokens absorbing most new users regardless of which chain they land on.

More wallets, less supply

While BNB Chain is decisively winning the wallet-count race, new stablecoin supply has been flowing primarily to Solana, Ethereum and Hyperliquid. Total stablecoin supply across all networks stood at approximately $302.5 billion as of the latest data, reflecting a modest month-over-month increase, but BNB Chain was not the primary destination for those fresh mints. The pattern highlights a divergence between where new holders are arriving and where new supply is being minted.

The distinction matters because the two metrics capture different things: address counts measure the breadth of participation, while supply reflects where dollar liquidity actually sits. Whether BNB Chain's fast-growing holder base eventually draws new supply onto the network is a question the coming supply distribution data will answer.

BNB Chain leads in the number of addresses holding stablecoins, but not in the total value of stablecoins sitting on its network. The average balance per holder on BNB Chain is considerably smaller than on Ethereum, where institutional-sized positions skew the figures—a profile consistent with many small holders on BNB Chain and an Ethereum distribution weighted toward larger, institutional-sized positions.

What is fueling the growth

BNB Chain has deployed several strategic levers to accelerate user acquisition. Fee waivers and promotional campaigns have lowered the barrier for new wallets, and the chain's compatibility with MetaMask and other popular wallet interfaces keeps friction minimal. Transaction counts and active address metrics on BNB Chain have consistently ranked among the highest of any EVM-compatible network, even during periods when its total value locked lagged behind competitors.

For Tron, which held the stablecoin address crown for years largely on the strength USDT transfers in Asia, losing the top spot to BNB Chain represents a meaningful shift. Tron's 76 million holders is still an enormous number, but the gap is widening rather than narrowing. The same weekly holder and supply data that documented the handover will show whether that trend holds, making future releases a straightforward benchmark for both networks.