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Key Notes
- Stablecoin transfer volume reached $35 trillion over the past year.
- More institutions are exploring stablecoin integrations.
- The transaction volume surpassed major payment networks like Visa and Mastercard .
Dune and Artemis recently published the “The State of Stablecoins 2025” report. The research analyzes the use of stablecoins, their supply and trends between February 2024 and February 2025.
1/ Stablecoins are reshaping finance 🏦
Explore all insights, market trends, asset deep dives, and more in "The State of Stablecoins 2025"— a comprehensive report by Dune & @artemis
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According to “The State of Stablecoins 2025,” the stablecoin transaction volume reached a whopping $35 trillion in 2024. This is more than the transfer value of Visa, the U.S.-based payments giant, worth $15.7 trillion.
The stablecoin supply increased by 63% in the mentioned timeframe–rising from $138 billion to $225 billion.
The monthly transaction volume for these assets also grew by 115%–climbing from $1.9 trillion in February 2024 to $4.1 trillion in February 2025. The number of active addresses rose from 19.6 million to 30 million, showing strong interest from retail and institutional investors.
Most of the institutional and whale transactions happened in May and July last year — the average stablecoin transaction was worth $2.6 million and $2.2 million, respectively.
While USDT’s market cap increased by roughly $50 billion–rising from $96 billion to $146 billion in the mentioned timeframe–its market share slipped from 69% to 64%. One of the clear winners of the new regulatory framework in the EU, called Markets in Crypto Assets (MiCA), was USDC–its value doubled to $56 billion.
Another major player is Etherena’s USDe–rising from $620 million to $6.2 billion. USDe’s growth mostly came from the decentralized finance sector. This suggests, per the research, “increased market confidence in alternative collateral models.”
On the other hand, DAI, one of the long-standing and most popular stablecoins in the market, saw its transaction volume plunge from $470 billion in February 2024 to $130 billion in February 2025. This was due to Maker’s, the company behind DAI, rebranding to Sky and the introduction of USDS to replace the stablecoin.
Most notably, the significant rise in stablecoin transfer volume came as large institutions hopped on the crypto train.
The report found that most of the retail investors prefer using USDT on Tron while USDC became the favored choice for institutional transactions–USDC is more compliant in terms of global regulatory frameworks, especially EU’s MiCA.
Binance even announced that it will delist all non-compliant stablecoins like USDT for its European Economic Area users to prevent any regulatory issues in the region.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
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