Author: Artemis, Dune; Translator: Yuliya, PANews
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.
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 rapid expansion in the global market.
The total market value of USDT 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.
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.
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 terms of 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 mainly 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 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 stable mechanism supported by yield, ensuring that users have access to a reliable alternative to the US dollar."
- Conor Ryder, head of research at Ethena Labs
"The flow of stablecoins depends on the quality of the infrastructure-low cost, fast transactions, and market demand. At Solana, Meme coin transactions have extremely high demands for liquidity and instant settlement, making stablecoins an indispensable part."
- Andrew, founder and data analyst at Herd Hong
"TRON has become the blockchain of choice for stablecoin transactions, with billions of dollars in daily transactions. USDT has driven real economic activities on TRON, especially in emerging markets, where it has become a key tool for payment and savings."
--Sam Elfarra, spokesperson for the TRON DAO community
JPMorgan stated in its latest report that Bitcoin mining enterprises with attractive electricity contracts might become potential acquisition targets for hyperscale data centers and artificial intelligence (AI) companies.
AlexSEC Chairman Gary Gensler said in an interview with Reuters yesterday (6th) that the official approval of an Ethereum spot ETF depends on how quickly issuers respond to SEC comments. This implies that the SEC will not delay the approval process for the S-1 filing as some fear.
MiyukiTaiwan has been criticized as a "fraud kingdom" due to rampant fraud. Some believe that Taiwan's criminal penalties for fraud are too lenient, making the cost of crime too low for fraudsters. This article compares the severity of fraud penalties in Taiwan, China, Japan, and South Korea.
WeiliangBitMEX founder Arthur Hayes wrote today that the crypto bull market is reawakening and is about to expose the lies of extravagant central bank governors. He advises going long on Bitcoin, followed by altcoins.
Miyuki'Rich Dad Poor Dad' author Robert Kiyosaki predicts Bitcoin will hit $350K by late August 2024, driven by his distrust of US leadership. Will this forecast crash and burn like some of his previous speculations?
KikyoStand With Crypto, an advocacy group launched by Coinbase, has surpassed 1 million members, reflecting the cryptocurrency industry's growing political influence. With significant financial backing and a focus on advocating for favorable regulatory policies, Stand With Crypto is poised to shape the political landscape surrounding cryptocurrencies in the United States.
AnaisDubbing himself as a "crypto president" and criticising Democratic efforts to regulate the industry, Donald Trump vowed to reverse the anti-crypto stance of President Joe Biden and SEC Chair Gary Gensler upon re-election. But is it all just talk?
CatherineWithin 24 hours, multiple OKX users reported on social media that their assets were stolen by hackers. The company has stated it is conducting a thorough investigation and will take responsibility if the issue is found to be a platform vulnerability.
AlexCardano's nearing its crucial Voltaire phase, emphasising self-governance and decentralisation through the Chang hard fork. Despite ADA's lackluster price performance in 2024, ongoing development efforts and a focus on real-world solutions suggest a promising future for the project.
WeatherlyThe renowned financial website Forbes recently published an article titled "‘A Very Big Opportunity’—Cryptocurrencies Suddenly Prepared for a Huge Chinese 'Earthquake' Following Bitcoin, Ethereum, and Ripple Price Surge." Cryptocurrency investor Brock Pierce stated that it is only a matter of time before China reopens its digital door to cryptocurrencies after the crackdown in 2021 that led to a significant drop in Bitcoin prices.
Miyuki