Stablecoins are radically changing the financial world in 2025. A new report #Dune 'State of Stablecoins 2025' shows rapid growth in the sector. By February 2025, the total volume of the industry reached $214 billion. This makes them a key element of the cryptocurrency market.
The transaction volume of stablecoins has amazed many researchers. Over the year, transactions worth $35 trillion were conducted, which is twice the annual volume of Visa. The number of active addresses increased by 53% and reached 30 million.
Stablecoins $USDC and #USDT remain market leaders. The former doubled its market cap to $56 billion due to compliance with regulatory rules, including #MiCA and DIFC. The total supply of USDT has risen to $146 billion but has lost market share among institutional investors, with a greater focus on P2P transfers.
Decentralized stablecoins are also gaining popularity. USDe from Ethena Labs grew in market cap from $146 million to $6.2 billion, becoming the 3rd largest stablecoin. MakerDAO rebranded to Sky Ecosystem and launched USDS at $2.6 billion, complying with regulatory norms and rules, which attracts new participants to the market.
Stablecoins are distributed across different blockchains. Ethereum holds 55% of their volume, but Base and #solana lead in total transactions. This is related to the popularity of the DeFi and meme token sectors, where quick settlements are needed. TRON remains an important chain for P2P transfers in developing countries.
Most of the liquidity of stablecoins is stored on centralized exchanges. However, DEX platforms, as well as lending and farming platforms, provide the bulk of the transactions. Experts have called stablecoins the 'circulatory system' of the crypto industry. This market continues to grow. Specialists note that stablecoins open up new opportunities. They help people transfer money abroad faster and more conveniently than traditional tools.
1) USDT vs. USDC: What is the difference?
2) In the United States, calls have been made for the creation of a comprehensive regulatory framework for stablecoins.
3) Stablecoins and their impact on the DeFi market.
4) Circle updated CCTP: cross-chain transfers of USDC now take seconds.
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