According to CoinMeta, crypto analyst Tom Wan stated that the market share of Ethereum stablecoins has dropped to 46%, hitting a historical low. Over the past year, the supply of stablecoins on the Ethereum blockchain has decreased by $32.5 billion, while the total supply of stablecoins in the entire market has only decreased by about $10 billion. Meanwhile, the supply of Tron stablecoins has increased by $16.2 billion, raising its market share to 32%; Hyperliquid and Solana have each increased by $1.6 billion. In addition, newly launched blockchain projects this year, including Arc, X Layer, Robinhood Chain, Tempo, and Monad, have collectively added about $5.2 billion to the supply of stablecoins.