BNB Chain retained its leading position for active USDT addresses, surpassing even TRON. The chain surpassed 12M active USDT wallets, after a month of highly active meme and perpetual swap trading.
BNB Chain is turning into the leading chain for USDT activity based on active wallets. While Ethereum and TRON still carry the bulk of value, BNB Chain grows its active user base with smaller transactions and everyday uses.
BNB Chain has been expanding its share of stablecoin usage in terms of active addresses for the past quarter. The trend coincides with the emergence of the chain as the leading venue for DEX and CEX activity. The other reason for increased liveliness may be the zero-fee trading campaign on the BNB Wallet, which will extend until September.
USDT remains highly active on the Binance ecosystem, despite the removal of USDT pairs for European traders. Decentralized activity, Binance Pay, and general transfers compensate for the loss of EU-based USDT transfers.
BNB Chain expanded stablecoin usage for the quarter
For the past month, BNB Chain carried over 12M active addresses, up from 11.6M in February. The trend also reflects the generally increased usage of stablecoin for the past month, based on a supply of 230B tokens. BNB Chain joins TRON in tapping some of the stablecoin demand for the Southeast Asian region, especially for retail-sized transactions between $100 and $1,000. Stablecoin liveliness also singles out the most active ecosystems, which still attract app creation and users.
BNB Chain active USDT wallets have been growing for the past three months. | Source: Dune Analytics
Binance is also a growth outlier, as overall stablecoin active addresses remained roughly the same at 30M for the past 30 days, based on Artemis data.
The chain linked to the Binance ecosystem retained its activity, despite a small net outflow of stablecoins. The chain carries a total of $7.12B in stablecoin liquidity, lagging far behind the supply on Ethereum and TRON. Despite this, BNB Chain has succeeded in building up the most significant liveliness in USDT usage.
The growing turnover of USDT indicates the chain is becoming a new hub of activity, and has not been relegated to the status of a dead chain. The growth accelerated in the past six months, while Changpeng ‘CZ’ Zhao started a series of efforts to revive the ecosystem following the 2022-2023 bear market.
USDT remains key for transfers to the Binance centralized exchange. Demand also comes from PancakeSwap, the most active DEX of the ecosystem. USDT is active in trading WBNB, in addition to multiple swap pairs between alternative stablecoins. PancakeSwap adds over $98M in decentralized USDT trading each day, with $118.5M in available liquidity. USDT is not included in meme token pairs, which trade against WBNB, but remains a key tool for cashing out.
USDT remains the most widely used stablecoin, with a total supply of 147.8B tokens as of April 2025. USDT activity surpasses USDC turnover, though both stablecoins have grown their activity in the past 12 months. Stablecoins continued to displace BTC and ETH as payment tools.
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