Annual Stablecoin Transactions Reach $35 Trillion

As of February, the cumulative market supply of stablecoins has surged by 63% over the past year, while the monthly transaction volume has increased by 115%. The total figure for the period reached $35 trillion, according to a report by Artemis and Dune.

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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For comparison, Visa processed $15.7 trillion in payments in 2024, while Mastercard handled $9 trillion in the fourth quarter alone.

The number of active wallets using stablecoins has risen from 19.6 million to 30 million since February 2024, marking a 53% increase.

“Stablecoins have become a critically important component of the digital financial infrastructure, serving as a bridge between traditional finance and the crypto economy,” the report’s authors noted.

In terms of individual assets, USDC from Circle doubled its market capitalization to $56 billion over the past 12 months. The main growth drivers were:

• achievements in the regulatory sphere — obtaining MiCA and DIFC licenses;
• strategic partnerships, including Stripe and MoneyGram;
• accelerated global expansion.

USDT from Tether maintained its dominance with a total supply of $146 billion, though it lost market share and institutional usage. The asset’s focus shifted to monetary P2P transfers.

Since February 2024, the capitalization of USDe from Ethena Labs has grown from $146 million to $6.2 billion. The coin has risen to the third position in capitalization within the segment. This was aided by “innovative yield strategies and delta-neutral hedging,” experts noted.

The rebranding of MakerDAO to Sky, the launch of USDS, and the implementation of compliance control features ensured the competitiveness of the DeFi project’s stablecoin. The coin’s capitalization reached $2.6 billion by February.

The largest supply of stablecoins is concentrated on Ethereum, accounting for 55%.

Base and Solana have sharply increased their metrics. These two networks have come to dominate transaction volumes due to DeFi activity and meme coins. Tron remains a “critically important” blockchain for “informal” P2P transfers.

“The dominant portion of stablecoin liquidity is concentrated on centralized exchanges, but decentralized finance — DEX, lending, yield farming — provides the majority of transfer volumes, highlighting dynamic capital use and innovation,” the report states.

In March, the total capitalization of stablecoins surpassed that of Ethereum.