The world of decentralized finance (DeFi) is booming again. Monthly on-chain stablecoin transactions reached a record $1.5 trillion in July, signaling a resurgence of trust and activity in the sector.
š According to analytics platform Sentora (formerly IntoTheBlock), the July volume marked an all-time highāsurpassing Mayās $1.39 trillion and Aprilās $1.44 trillion. Except for January and February, every other month this year has recorded over $1.2 trillion in volume.
Interestingly, August has already seen nearly $200 billion in volume during its first five days, putting it on track to cross $1.2 trillion by the end of the month.
š DeFi Resurgence Led by Ethereum
The sharp rise in stablecoin volumes is largely driven by renewed activity on DeFi platforms. According to DefiLlama, total value locked (TVL) across DeFi protocols has surged by over 3% in the last 24 hours, reaching $137.33 billion, mainly thanks to Ethereumās performance and revived interest in liquid staking.
Sentora also confirms that DeFi volume hit a three-year high of $179 billion this week, driven by growing investment into liquid staking protocols and ETHās rally toward the $4,000 mark.
š USDC Leads Stablecoin Transactions on Chain
USDC by Circle remains the most active stablecoin in 2025, accounting for up to 48% of all stablecoin DeFi transactions. In comparison, Tether (USDT) typically accounts for 20ā27%, while MakerDAOās DAI ranges between 17ā33%, depending on the month.
Together, these three stablecoins dominate over 90% of monthly on-chain stablecoin volume. Ethenaās USDe trails with a roughly 3% market share.
Interestingly, USDT is also growing rapidly in DeFi this year. On Aave, the amount of USDT supplied has surged 123% since January, now approaching $7.5 billion.
š Stablecoin Supply Nears $370 Billion
While USDC leads in transaction volume, USDT still holds the crown in supplyāwith a market cap of $164.7 billion and a 61.41% dominance. In contrast, USDC stands at $63.85 billion.
Emerging tokens are also gaining ground, including Ethena USDe ($9.5B), Sky Dollar USDS ($4.87B), and DAI ($4.33B). One of the strongest performers was Falcon USD (USDf), which surged 102% in value last monthāfrom $552 million to $1.09 billion.
š The total stablecoin market cap has now reached $268.2 billion, rising by $13.2 billion in just one month. Compared to last year, the overall supply has already doubled, with more growth expected as regulatory clarity improves.
ā Regulatory Clarity on the Horizon
Confidence in stablecoins is also being fueled by new SEC guidelines, which now allow fully backed USD stablecoins with redemption options to be classified as cash equivalents. This brings stronger legitimacy to the sector and lays the foundation for broader regulation in the near future.
#USDC , #Stablecoins , #defi , #Ethereum , #Tether
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