WHERE LOCAL STABLECOINS ACTUALLY LIVE

Summary from the TLDR Crypto newsletter

In analyzing 34 non-USD stablecoins across 189 chain deployments and found contract counts, supply, and transfer volume, we see three different stories. Ethereum holds 25% of contracts but 48% of supply, with supply per contract around $16 million versus $300,000 on BSC, while top tokens each concentrate trading on one or two chains regardless of where they're deployed: EURC moves 85% of its volume on Base, EURe holds two-thirds of both supply and volume on Gnosis, and ruble-pegged A7A5 carries $461 million in supply, 99% on Tron. Chain selection tracks an issuer's first customers and regional ties rather than fees or throughput, and that contract counts alone overstate how "multi-chain" a stablecoin really is.