A quick look at the state of stablecoins in 2025

Author: Dune; Translator: Jinse Finance xiaozou

Stablecoins are reshaping the financial landscape.

The comprehensive report "The State of Stablecoins in 2025" jointly released by Dune and Artemis contains all insights, market trends, in-depth analysis of assets, etc.

Let's summarize the key points of this report together.

As of February 2025, the supply of stablecoins has reached US$214 billion, achieving an astonishing annual transfer volume of US$35 trillion - twice Visa's annual transfer volume.

The number of active addresses increased by 53% to 30 million. Institutional adoption is accelerating rapidly, connecting traditional finance (TradFi) and the crypto field like never before.

1. The dominance of USDC and USDT

Thanks to regulatory clarity (such as MiCA, DIFC approval), strategic cooperation (such as Stripe, MoneyGram) and rapid global expansion, USDC's market value has doubled to US$56 billion.

USDT grew to $146 billion but slipped in market share and institutional use, focusing instead on P2P remittances.

2. Decentralized stablecoins emerge

Ethena Labs' USDe soared from $146 million to $62 billion, becoming the third-largest stablecoin, thanks to innovative yield strategies and Delta-neutral hedging.

MakerDAO has consolidated its competitiveness by introducing regulatory compliance features through rebranding (Sky) and launching USDS ($2.6 billion in February 2025).

TRON DAO still occupies an important position in the world's informal P2P transfers (especially remittances).

4. Field segmentation

Most stablecoin liquidity is concentrated in centralized exchanges, but DeFi (such as DEX, lending, and yield farming) drives most of the transfer volume, highlighting dynamic capital use and innovation.

5. Expert Views

Rob Hadick, partner of Dragonfly:"Stablecoins are the lifeblood of the crypto space and the superconductor of finance. They unlock new markets, new capabilities and financial opportunities that were previously out of reach. On-chain data from platforms such as Dune and Artemis will be crucial to helping investors identify, track and measure innovation and adoption in real time."

tom.base.eth, head of product at Base:"Stablecoins have obvious advantages over traditional financial instruments in terms of cross-border capital flows. We hope that there will be more local currency stablecoins on Base because they enable people to conduct on-chain transactions using the currency they are most familiar with, making this technology closer to everyday life."

Conor, head of research at Ethena Labs Ryder: "The next generation of stablecoins must be resilient in all market conditions. With USDe, we focus on a yield-backed stability mechanism that ensures users have a reliable alternative to traditional dollar exposure." Herd founder and data analyst ilemi: "Stablecoins tend to flow to places with sound infrastructure (fast transactions and low costs) and strong demand for use cases. On Solana, this is particularly evident in meme coins, where traders need liquidity and instant settlement, making stablecoins a core part of the ecosystem." TRON DAO community spokesperson Sam Elfarra: "TRON has become the blockchain of choice for stablecoin transactions, processing billions of dollars in transaction volume every day. The trend is clear: USDT on TRON is driving real economic activities, especially in emerging markets where stablecoins have become the lifeline of payments and savings."