One Dollar, Three Chains: USD1 Is the Only Major Stablecoin Split in Thirds
Launched as a BNB Chain-centric dollar, USD1 now holds 36.2% of its supply on Ethereum, 31.5% on BNB Chain and 31.2% on Solana. No other dollar stablecoin above US$500 million is spread this evenly, and the gap narrowed over the past month.
- USD1 (about US$4.4B, the sixth-largest dollar stablecoin) holds 36.2% of its supply on Ethereum, 31.5% on BNB Chain and 31.2% on Solana as of Sep 25, 2026 — the only dollar stablecoin above US$500M whose three largest chains each hold more than 30%. see data →
- USD1 launched first on Ethereum and BNB Chain and was described as a BNB Chain-centric token; BNB Chain is now its second-largest leg, and over the 30 days to Sep 25 Solana supply grew 24% while BNB Chain was unchanged.
- USD1's largest single-chain exposure is 36%, against about two-thirds for USDC; every other dollar stablecoin above US$500M keeps more than 40% on one chain. The nearest spread-out dollar, USDG, is anchored on X Layer at 44.6%.
Revised October 5, 2026: figures corrected.
Stablecoin supply concentrates. Liquidity gathers where it is already deepest, so whichever chain a dollar trades most heavily on becomes the one traders and protocols default to, and new supply follows. USDC holds two-thirds of its supply on Ethereum, and USDT is split between Tron and Ethereum and has little anywhere else. USD1, issued by World Liberty Financial and the sixth-largest dollar stablecoin at about US$4.4 billion, has moved the other way. Its supply now sits almost in thirds: 36.2% on Ethereum, 31.5% on BNB Chain and 31.2% on Solana. Over the past month the three legs moved closer together, not apart.
That is a departure from how USD1 began. The token was first available on Ethereum and BNB Chain, and The Block described its BNB Chain-centric launch as having made BNB Chain the token's primary rail. BNB Chain is now USD1's second-largest leg, behind Ethereum, and Solana, added after launch, trails it by less than a third of a percentage point.
No other large dollar is spread this evenly
Among the 15 dollar stablecoins with more than US$500 million onchain, USD1 is the only one whose three largest chains each hold more than 30% of its supply, and the only one with no chain above 40%. The nearest case is Paxos's USDG, which is spread across at least four chains but anchored on X Layer, with 44.6%; Solana and Robinhood Chain hold about 21% each and Ethereum 10%. The rest are one- or two-chain dollars: each of the other 13 keeps more than 40% of its supply on a single chain, and none has a third chain above 30%. USDT is split between Tron and Ethereum, RLUSD between Ethereum and the XRP Ledger, and PYUSD sits mostly on Ethereum, the pattern that has left most of the onchain dollar on just two chains .
Fig 1 — USD1 supply by chain, Sep 25, 2026
Three near-equal legs
USD1 supply on its three chains. Ethereum, BNB Chain and Solana hold 36.2%, 31.5% and 31.2% of USD1's US$4.43 billion supply across all 11 networks it is issued on; the other 1.2%, on eight smaller networks, is not shown.
New supply went to the thinnest leg
Over the 30 days to Sep 25, USD1 supply on its three chains rose 8.5%, from US$4.03 billion to US$4.38 billion. Solana accounted for most of it: its leg grew 24%, from US$1.11 billion to US$1.38 billion, while Ethereum grew 5% and BNB Chain slipped 0.3%. The gap between the largest and smallest leg narrowed from 10.3 percentage points to 5.1, measured on the three chains' combined supply. The change came from new issuance rather than supply moving between chains: the total rose by more than Solana's gain. The chain that anchored the launch took none of the month's new supply.
Fig 2 — Share of USD1's three-chain supply by chain, Aug 25 – Sep 25, 2026
Solana closes the gap
Daily share of USD1's three-chain supply. Solana rose from 27.5% to 31.5% in steady daily increments while BNB Chain fell from 34.6% to 31.8%; Ethereum stayed between 36.6% and 37.8%. This chart's base is the three chains' combined supply, so its end-points run slightly above the shares of USD1's whole supply (36.2%, 31.5% and 31.2%).
The spread caps any one chain's exposure at 36%
A chain is a set of risks a dollar inherits: its outages, its congestion, its bridge dependencies and its governance. A holder who needs to move or redeem during a disruption is exposed to whatever is wrong on the chain where the token sits. USD1's largest single-chain exposure is 36%; USDC's is about two-thirds, and every other dollar stablecoin above US$500 million keeps more than 40% on one chain. For a treasury or a trading desk that asks not only how much of a dollar it holds but where that dollar can be moved, an evenly spread token is a different instrument from one anchored to a single network, even at the same peg and with the same reserves.
The map also records a way of entering the market. USDT and USDC hold the large majority of the onchain dollar, and both built their positions over years, with a dominant chain at each stage. USD1 launched on two chains at once, was added to Binance's spot markets and added a third chain. USDG shows the same pattern through different partners: most of its supply sits on X Layer and Robinhood Chain, networks run by an exchange and a brokerage, rather than on Ethereum. If that is how the next tier of stablecoins enters, new dollars will arrive already multichain, and competition with the incumbents will run across several networks at once rather than one at a time.
Does the balance hold?
Concentration may still reassert itself. Liquidity gathers where the deepest pool already is, and a US$4.4 billion token is young. If one chain's USD1 liquidity starts to deepen faster than the others, the split will narrow toward a home chain and USD1 will look like the dollars before it. If the thirds hold as the token grows, it will be the first large dollar with no home chain. The next leg of issuance will show which way it goes: does new USD1 keep landing where the token is thinnest, or does it start to follow the deepest pool?
USD1 supply is US$1.60B on Ethereum (36.2%), US$1.39B on BNB Chain (31.5%) and US$1.38B on Solana (31.2%) of a US$4.43B total, read directly from the token contract on each of the 11 networks World Liberty Financial lists for USD1 on Sep 25, 2026. The other eight networks together hold US$51.0M (1.2%).
Verified Sep 25, 2026 · onchainbenchmark.com/methodologyOf the 15 dollar stablecoins with more than US$500M onchain, USD1 is the only one whose three largest chains each hold more than 30% and the only one with no chain above 40%. Nearest: USDG, 44.6% X Layer / 21.4% Solana / 21.3% Robinhood Chain / 10.4% Ethereum.
Verified Sep 25, 2026 · onchainbenchmark.com/methodologyUSD1 was first available on Ethereum and BNB Chain (March 2025), and The Block described that BNB Chain-centric launch as having made BNB Chain the token's primary rail (December 2025).
CoinDesk · The Block- Which chains is USD1 on?
- As of Sep 25, 2026, USD1's supply is 36.2% on Ethereum (US$1.60 billion), 31.5% on BNB Chain (US$1.39 billion) and 31.2% on Solana (US$1.38 billion). About 1.2% sits on eight smaller networks. It is the only dollar stablecoin above US$500 million whose three largest chains each hold more than 30% of its supply.
- Is USD1 still mainly a BNB Chain stablecoin?
- No. USD1 launched first on Ethereum and BNB Chain, in a launch The Block described as BNB Chain-centric, making BNB Chain the token's primary rail. By Sep 25, 2026, BNB Chain held 31.5% of USD1 supply, behind Ethereum at 36.2% and just ahead of Solana at 31.2%. Over the preceding 30 days BNB Chain supply slipped 0.3% while Solana grew 24%.
- Which other stablecoins are spread across several chains?
- Paxos's USDG is the closest: 44.6% on X Layer, about 21% each on Solana and Robinhood Chain, and 10% on Ethereum. USDT is split between Tron and Ethereum. Every other dollar stablecoin above US$500 million keeps more than 40% of its supply on one chain; most hold the majority of their supply on a single chain, usually Ethereum.