According to CryptoQuant data, the total volume of ERC20 stablecoin transfers from 2018 to 2025 reached $39.7 trillion.
Key Insight
DAI accounts for 25.92% of these transfers, establishing itself as a strong third contender alongside USDC and USDT.
Historical Trends
2018–Mid 2019: USDT dominated Ethereum transfers, while USDC was just emerging.
2020–2021: The DeFi boom accelerated USDC’s growth, narrowing the gap with USDT.
2022–2024: A period of oscillating leadership, with multiple crossovers between USDT and USDC.
Early 2025 onward: USDC has pulled ahead decisively, sustaining a persistent lead.
The 7-day average daily transfer volume shows:
USDC: >$20B
USDT: Mostly fluctuating between $12B–$15B
Drivers of USDC’s Dominance
Network Focus: While USDT has shifted much of its activity to Tron & BSC, Ethereum remains USDC’s primary network.
Regulatory Trust: USDC’s U.S.-regulated reserves make it the preferred choice for DeFi protocols, exchanges, and institutions.
DeFi Integration: Lending, collateral, and yield strategies predominantly adopt USDC first.
DAI’s Growth: With 25.92% of transfers, DAI’s rise highlights DeFi’s influence on stablecoin competition.
Conclusion
USDC is now the undisputed leader in ERC20 stablecoin transfers. 2025 marks a structural shift, with USDC solidifying its dominance over USDT in Ethereum’s DeFi ecosystem.
Written by CryptoOnchain
