According to Lookonchain, Ethereum’s stablecoin supply has increased dramatically, driven primarily by USDT and USDC. In contrast, Solana has seen a significant decrease in its stablecoin supply, raising questions about its market performance.

Ethereum currently commands over 122.9 billion USD in stablecoins, translating to a 54.63% market share compared to Solana’s mere 5.15%. Factors like reduced gas costs and substantial technological advancements are reinforcing Ethereum’s position as a top choice for smart contracts.