Prism · Mar 12, 2026
Stablecoin Dominance
Across L2s
Stablecoins are one of the clearest signals of productive capital on a chain — they represent real demand for on-chain dollars, not just locked collateral. Measured against total value secured, stablecoin dominance reveals which L2s are attracting capital that actively moves, rather than capital that merely sits. The picture across the ten major L2s is anything but uniform.
Stablecoin Network Dominance
Stablecoin market cap as a fraction of total value secured · trailing 365 days
A ratio above 1.00× means stablecoin market cap exceeds total value secured — an unusual state that points to either very deep stablecoin liquidity or a relatively low TVS denominator. Chains clustering near zero are still in early capital formation; their secured value is dominated by volatile assets, not stable ones. The spread between the highest and lowest dominance chains has remained wide, suggesting structural differences in how each L2 is used.
Stablecoin Market Cap
Total on-chain stablecoin value by L2 (USD) · trailing 365 days
In absolute terms, the stablecoin landscape is steeply concentrated. A small number of chains hold the majority of on-chain stablecoin value, while newer entrants show early but meaningful growth trajectories. The divergence in raw market cap, alongside the dominance ratios above, frames the central question for any L2: is stablecoin growth being driven by a genuinely expanding economy, or simply by a shrinking TVS base?