The global stablecoin market is dominated by a duopoly in which Ethereum and Tron account for more than 80 percent, data showed.

The Crypto Basic, a blockchain media outlet, reported on July 6 that a tally reflecting major blockchains put Ethereum's circulating stablecoin supply at $162.7 billion, giving it a 52.4 percent share, while Tron had $89.4 billion, or 28.8 percent.

The controversy began with a post that spread on social media. A cryptocurrency user, citing Artemis data, claimed Ethereum controlled 87 percent of stablecoin supply, and @ScamDetective5, an X (formerly Twitter) account critical of XRP, cited it and wrote, "The XRP Ledger is not even on the map."

But figures based on a dashboard that includes major chains were different. Total stablecoin supply was tallied at $312.7 billion, and Ethereum's share alone was 52.4 percent, not 87 percent. Including Tron, the two networks account for more than 81 percent of global supply. The core of the debate was that the market structure was distorted as a chart excluding Tron spread.

The trend of market expansion was also clear. According to Visa analysis based on Allium, stablecoin transaction volume on an adjusted basis in June hit a record $1.79 trillion. That was up 63 percent from May and 125 percent from a year earlier. Visa said it measured real economic activity more accurately by excluding bot activity, treasury rebalancing and repetitive smart contract transactions.

By transaction volume, USDC accounted for about 67 percent of the June total at $1.21 trillion. USDT recorded about 32 percent at $576 billion, and PayPal's PYUSD processed $2.42 billion. June volume by blockchain showed Base slightly ahead at $565 billion, followed by Ethereum at $562 billion. Tron recorded about $320 billion.

These figures show stablecoins are being used more widely for payments, decentralised finance (DeFi) and cross-border remittances despite market uncertainty. Supply share is concentrated in Ethereum and Tron, but transaction activity is also being dispersed across multiple chains.

The XRP Ledger still accounts for a small share of the overall stablecoin market. But Ripple's RLUSD has recently created a meaningful turning point within the XRP Ledger. At the end of June, RLUSD circulating supply on the XRP Ledger exceeded its supply on Ethereum for the first time.

Based on the RLUSD tracker, RLUSD on the XRP Ledger currently stands at about $848 million. RLUSD supply on Ethereum was smaller at $727 million. Total circulating RLUSD supply across the two networks was close to about $1.6 billion.

As a result, RLUSD is showing a trend of rising XRP Ledger weight within the Ripple ecosystem. But in the overall stablecoin market, Ethereum and Tron still have strong dominance, so it remains to be seen whether the XRP Ledger's expansion will translate into changes in overall market share.

Ethereum controls 87% of all Stablecoin supply. The XRP Ledger is not even on the map. https://t.co/bKt8ZmNxdE