Tron Leads Stablecoin Inflows as Ethereum Sees $2B Outflow

Tron records a massive $1.6 billion net increase in stablecoin supply for February, contrasting with a $2 billion net outflow from the Ethereum network.

Ethereum is reporting its most significant net outflow to date, with over $2 billion leaving the network during the same period.

What the Data Reveals

The “Top Stablecoin Supply Changes by Chain” chart measures the net change in stablecoin supply by absolute value in U.S. dollars for leading networks over the month. Green bars extending to the right represent a net increase in supply, while red bars extending to the left indicate a net decrease.

The bar for Tron is the longest in the positive direction, with data confirming an increase of approximately $1.6 billion. This firmly places it in the top spot for net inflows.

Solana ranks second with an estimated growth between $700 million and $900 million. Polygon, Arbitrum, Sui, and HyperEVM also recorded positive, though more modest, net increases.

On the negative side, Ethereum dominates. Its red bar exceeds the $2 billion mark, making it the largest source of stablecoin outflows for the month. Base and Plasma also showed negative values, though they were significantly smaller. Ripple remained near the zero line with a slight negative balance.

Tron’s Dominance in the Stablecoin Sector

Tron’s leading position in February follows a long-term trend. For years, the network has functioned as a primary settlement layer for USDT transfers, particularly in emerging markets and for frequent low-value transactions, thanks to its minimal fees and fast transaction finality.

The net increase of $1.6 billion in a single month reflects sustained demand for liquidity within the Tron ecosystem. However, net change data does not distinguish whether this growth stems from new capital entering the market or the migration of existing supply from other networks.

What is clear from the Artemis data is that in February, more stablecoins were issued than burned on the Tron network—at a higher net volume than any other blockchain platform in the dataset.