Author: artemis__xyz
The stablecoin market has seen significant growth in the past year, with accelerated institutional adoption, the rise of decentralized stablecoins, and continued growth in on-chain transaction activity.
Stablecoins are reshaping the global financial system at an unprecedented speed.
According to the "State of Stablecoins in 2025" report jointly released by Dune and Artemis, the stablecoin market has seen significant growth in the past year, with accelerated institutional adoption, the rise of decentralized stablecoins, and continued growth in on-chain transaction activity.
As of February 2025, the supply of stablecoins has reached US$214 billion, with an annual transaction volume of US$35 trillion, which is twice the annual transaction volume of Visa. Market activity also increased, with the number of active addresses on the chain increasing by 53% to exceed 30 million. Institutional funds are flowing in on a large scale, driving the deep integration of traditional finance (TradFi) and the crypto market.
Changes in the dominant position of USDC and USDT
Driven by the compliance process and market strategies, USDC and USDT still occupy a dominant position, but there are subtle changes in market share.
USDC's market value doubled to US$56 billion, mainly due to MiCA and DIFC regulatory approval, the joining of important strategic partners such as Stripe and MoneyGram, and the rapid expansion of the global market.
USDT's total market value has grown to $146 billion, and it is still the largest stablecoin by market value, but its market share has declined, institutional adoption has declined, and its focus has gradually shifted to the P2P remittance market, consolidating its position in the global payment field.
The rise of decentralized stablecoins
In the decentralized finance (DeFi) ecosystem, the influence of decentralized stablecoins has increased significantly, and many emerging projects have achieved breakthrough growth.
USDe (Ethena Labs): The market value has skyrocketed from US$146 million to US$6.2 billion, becoming the third largest stablecoin in the market. The key to its growth lies in its innovative yield strategy and Delta neutral hedging mechanism.
USDS (MakerDAO): MakerDAO rebranded as Sky and launched the compliance-friendly USDS, with a market value of US$2.6 billion in February 2025. This adjustment enhances its competitiveness in the decentralized stablecoin market.
Capital Flow and Industry Distribution
The flow trend of stablecoins reflects the positioning and competitiveness of different public chains in the market:
Ethereum is still the main issuance platform for stablecoins, accounting for 55% of the supply share.
Base and Solana have grown rapidly in transaction volume. Driven by the DeFi and Meme coin markets, they have become an important on-chain ecosystem for the circulation of stablecoin funds.
TRON continues to occupy a core position in the global P2P payment and cross-border remittance markets, especially in emerging markets, where stablecoins are widely used for payment and savings.
Most stablecoin liquidity is concentrated in centralized exchanges (CEX), and trading volume is mainly driven by DeFi (DEX, lending, and yield mining), reflecting the efficient circulation and innovation of funds.
Stablecoins have become a key infrastructure in the crypto market while also promoting innovation in the traditional financial sector. Industry experts are optimistic about the future development of stablecoins: "Stablecoins are the lifeline of the crypto market and a super conductor of the financial system. They open up new markets and financial opportunities and promote innovations that were previously out of reach." - Rob Hadick, General Partner of Dragonfly "Stablecoins have significant advantages in cross-border payments. I hope that Base will support more local currency stablecoins, allowing global users to trade on the chain with familiar currencies and increase the popularity of blockchain technology." - Neodaoist, Head of Base Product "The new generation of stablecoins must have market resilience. At the core of USDe is a yield-backed stability mechanism that ensures users have a reliable alternative to the US dollar." - Conor Ryder, head of research at Ethena Labs "The flow of stablecoins depends on the quality of infrastructure - low cost, fast transactions, and market demand. In Solana, Meme coin transactions have extremely high demand for liquidity and instant settlement, making stablecoins an indispensable part." - Andrew Hong, founder and data analysis expert at Herd “TRON has become the blockchain of choice for stablecoin transactions, with billions of dollars in daily transactions. USDT drives real economic activity on TRON, especially in emerging markets where it has become a key tool for payments and savings. ”
——Sam Elfarra, spokesperson for the TRON DAO community
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