BNB Chain Surpasses TRON in Stablecoin User Base and DEX Market Share, Reshaping the DeFi Landscape
BNB Chain has emerged as the new leader in the stablecoin ecosystem, overtaking TRON by amassing more than 190 million active users involved in stablecoin transactions. This growth, as highlighted in ARK Invest’s latest “The DeFi Quarterly” report, has been driven by a combination of rising decentralized exchange (DEX) activity and strategic trading incentives connected to Binance’s broader ecosystem.
According to the report, approximately 192 million unique addresses have interacted with stablecoins to date. Tether (USDT) remains the dominant asset, accounting for around 115 million of those addresses. Interestingly, the now-defunct Binance USD (BUSD) still retains 35 million users, while USD Coin (USDC) follows closely with about 31 million. These figures reflect the deep entrenchment of stablecoins in global crypto activity, even as the market experiences shifts in platform dominance.
The BNB Chain’s rapid ascent comes amid a broader transformation in the decentralized finance (DeFi) sector, which has seen a 43% year-to-date increase in adjusted stablecoin transaction volumes—approaching a staggering $9 trillion in Q3 2025 alone. This suggests that stablecoins are being used more frequently and are circulating across a growing number of networks.
Ethereum, despite intense competition, continues to be the dominant force in stablecoin infrastructure. When taking its Layer 2 solutions like Arbitrum and Base into account, Ethereum is responsible for nearly 48% of total stablecoin transaction volume. However, its dominance is increasingly being challenged by networks that offer greater speed, lower costs, or specific use-case advantages.
TRON, which previously held a stronghold by facilitating USDT transfers mainly in emerging markets, is now seeing its influence wane. Its share of stablecoin supply dropped from 32% to 26%, according to ARK’s data. Meanwhile, Ethereum’s share rose from 51% to 55%, and BNB Chain capitalized on the shifting landscape. As Solana’s market share declined, BNB Chain absorbed much of the displaced activity, positioning itself as a central hub for DEX transactions.
This transition is perhaps most clearly illustrated in DEX trading volumes. Since late 2024, total decentralized trading rose by 61%, growing from approximately $1 trillion to $1.7 trillion. During this period, Solana’s share of DEX volume plummeted from 47% to just 19%, while BNB Chain’s portion skyrocketed from 11% to 47%, effectively tying it with Ethereum in terms of dominance in on-chain trading.
A major catalyst for BNB Chain’s rise has been Binance’s zero-fee trading initiative. This program significantly boosted activity on PancakeSwap, BNB Chain’s flagship DEX, and redirected much of the memecoin and retail trading previously seen on Solana toward BNB Chain. The result has been a dramatic reallocation of trading flows, further embedding BNB Chain into the core of DeFi speculation.
In terms of trading efficiency, BNB Chain outperforms its competitors by a wide margin. By Q3 2025, the chain’s spot DEX volume was nearly 95 times greater than its total value locked (TVL), dwarfing Ethereum’s 3.83x ratio. This highlights BNB Chain’s role as a high-turnover platform favoring short-term, speculative traders rather than long-hold institutional capital.
The stablecoin market itself is also undergoing significant change. While USDT and USDC still control the lion’s share, their combined market dominance has dipped from 93% to 89% this year. Newer entrants like Ethena Labs’ USDe and PayPal’s PYUSD are rapidly gaining traction. USDe has surged 68% to approach $14 billion in supply, while PYUSD exploded by 135% to reach around $2.4 billion—most of it deployed on Ethereum.
Another key metric, the DEX-to-CEX (centralized exchange) transaction ratio, has shown a dramatic shift as well. In 2024, this ratio soared by 192%, indicating a growing preference for decentralized trading venues over their centralized counterparts. This trend further underscores the increasing decentralization of crypto trading activity and the relevance of networks like BNB Chain.
Despite BNB Chain’s impressive growth, Ethereum still retains its status as the primary settlement platform for institutional-grade stablecoin operations. Its security, decentralization, and integration with Layer 2 solutions make it the preferred choice for long-term capital and large-scale financial applications. However, BNB Chain has carved out a niche as the go-to network for high-frequency traders and retail users seeking speed and low fees.
This divergence reflects a broader trend of fragmentation within the DeFi ecosystem. Stablecoins are now moving fluidly across a wider variety of blockchains, each offering distinct advantages. While this fragmentation introduces new complexities in liquidity routing and interoperability, it also allows individual networks to specialize and innovate in different areas.
Looking ahead, BNB Chain’s momentum suggests it will continue to play a critical role in the evolving DeFi landscape. Its close ties to Binance provide a steady influx of users and liquidity, while its performance metrics show that it is more than capable of competing with older, more established networks.
However, the sustainability of this growth will depend on several factors. Regulatory scrutiny, particularly around centralized actors like Binance, could impact BNB Chain’s expansion. Additionally, the continued development of Ethereum’s Layer 2 ecosystem and emerging challengers like Base, Optimism, and zkSync could reshape user behavior once again.
Moreover, the rise of new stablecoin protocols could shift liquidity preferences. Innovations in algorithmic stablecoins, yield-bearing tokens, and cross-chain bridges may challenge the existing dominance of USDT and USDC, redistributing activity across a wider array of networks.
Security and user trust remain paramount. With the growing complexity of DeFi protocols and cross-chain interactions, users are increasingly vulnerable to exploits and hacks. Networks that can ensure resilience while maintaining usability will have a strategic advantage.
Finally, institutional adoption of on-chain finance continues to be a wildcard. Should banks, asset managers, or governments embrace tokenized dollar flows in earnest, networks like Ethereum—with its robust infrastructure—may see renewed dominance. Still, BNB Chain’s agility and retail focus position it well in a market hungry for speed and accessibility.
In this dynamic and rapidly evolving space, the only certainty is change. BNB Chain’s recent rise is a testament to DeFi’s capacity for disruption, and its success story underlines the importance of adaptability, user engagement, and strategic positioning in the blockchain race.