What’s Driving BNB Chain’s Rise in USDT Activity?

BNB Chain surpassed TRON to become the leading blockchain in terms of monthly active addresses interacting with USDT stablecoin, outpacing its competitors, including Ethereum and TRON. BNB Chain recorded over 12 million active addresses as of last month surpassing Tron Network’s $11.2 million, according to Crypto Rank.

The Rise of BNB Chain in the Stablecoin Space

BNB Chain’s appeal lies in its simplicity, low fees, and everyday use, making it an ideal choice for smaller transactions and retail users. These features have made BNB Chain particularly attractive for individuals seeking a reliable, low-cost option for transferring USDT.

BNB Chain's surge in stablecoin usage has coincided with the platform’s increasing presence on both decentralized (DEX) and centralized exchanges (CEX), even as its liquidity is still behind Ethereum and TRON. The ease of use and the continued rise of meme coins and futures trading have provided an ideal environment for stablecoin transactions to thrive on BNB Chain.

Over the last few months, BNB Chain has consistently shown impressive growth in terms of active addresses. From 11.6 million active wallets in February, the number has now surpassed 12 million, an indication of the blockchain's expanding user base. This growth is also mirrored in the increasing demand for stablecoins, with a total supply of 125 billion tokens being traded across various networks, as of writing.

BNB Chain has carved out a niche by catering to Southeast Asia, particularly for retail-sized transactions ranging from $100 to $1,000. 

Zero-Fee Trading and the BNB Wallet

A major factor contributing to the surge in activity on BNB Chain is the zero-fee trading campaign currently running on the BNB Wallet. This promotion, which will last until September, has attracted numerous users, boosting BNB Chain’s presence in the stablecoin market. This move has provided traders with a seamless and cost-effective way to send and receive USDT without the additional burden of transaction fees.

Despite the removal of USDT pairs for European users, the Binance ecosystem continues to see high levels of USDT activity. The platform’s decentralized exchanges, Binance Pay, and frequent internal transfers have reportedly compensated for the loss of liquidity from the European region. 

The Role of PancakeSwap and USDT on BNB Chain

PancakeSwap, the most active decentralized exchange on the BNB Chain, plays a key role in the growing dominance of USDT on the network. The DEX processed over $2.2 billion in USDT trading, adding to the overall liquidity on BNB Chain, which now sits at $180 million. USDT remains essential for liquidity on PancakeSwap, particularly for trading Wrapped BNB (WBNB) and other stablecoin pairs.

Although meme coins tend to avoid using USDT pairs, they still rely on WBNB for trading, and the key role USDT plays in cashing out ensures its continued relevance in the ecosystem. 

Stablecoin Usage and the Growing Popularity of USDT

As of April 2025, USDT continues to dominate the stablecoin market, with a total supply of 147.8 billion tokens. Its activity surpasses that of USDC, another widely used stablecoin, further cementing its position as the most widely traded stablecoin. 

While BNB Chain enjoys its newfound dominance in the USDT space, TRON and Ethereum are seeing a shift in their stablecoin transaction volumes. TRON, still a major player in the market, reports 11.2 million active addresses, making it a close competitor to BNB Chain. 

Ethereum, on the other hand, has experienced a decline, with only 1.8 million active addresses engaging in USDT transfers. This is largely due to Ethereum's higher transaction fees and slower processing times, which make it less attractive for small-to-medium-sized transfers.

In comparison, BNB Chain's lower fees and faster transaction speeds have allowed it to attract users looking for a more efficient way to handle stablecoin transactions.

BNB Chain's Long-Term Strategy

BNB Chain's continued success can be attributed to Binance’s long-term strategic moves, including the recent completion of its 31st token burn event. In this latest burn, 1.57 million BNB tokens were permanently removed from circulation, a move aimed at increasing the scarcity and value of the token over time.

Currently, BNB’s total supply stands at 139.3 million tokens, with over 40 million tokens remaining to be burned in future events. This ongoing deflationary model serves to further enhance BNB’s value proposition.