Quick review of the current status of stablecoins in 2025

Author: Dune; Translated by: Golden Finance xiaozou

Stablecoins are reshaping the financial landscape.

The comprehensive report on "Stable Coins Status in 2025" jointly released by Dune and Artemis contains all insights, market trends, in-depth asset analysis and other contents.

Let’s summarize the important contents of this report together.

As of February 2025, the supply of stablecoin has reached US$214 billion, achieving an astonishing $35 trillion annual transfers – twice that of Visa’s annual transfers.

The number of active addresses increased by 53%, to 30 million. Institutional adoption is accelerating rapidly, connecting traditional finance (TradFi) and cryptocurrency 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 doubled to $56 billion.

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

2. Decentralized stablecoins emerge

Ethena Labs' USDe soared from $146 million to $62 billion, becoming the third largest stablecoin, with growth benefiting from innovative earnings strategies and Delta neutral hedging.

MakerDAO has introduced regulatory-compliant functions through rebranding (Sky) and launching USDS ($2.6 billion in February 2025), consolidating its competitiveness.

3. Where does stablecoins flow?

Ethereum leads in supply (55%), while Base and Solana are rapidly rising in transfers, mainly driven by DeFi and meme coins.

TRON DAO still plays an important role in informal P2P transfers (especially remittances).

4. Field segmentation

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

5. Expert opinion

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

Base Product Leader tom.base.eth: “Stablecoins have a clear advantage over traditional financial instruments in cross-border capital flows. We hope there are more local stablecoins on Base because they allow people to trade on-chain using the most familiar currencies, making this technology closer to everyday life.”

Conor Ryder, Head of Research at Ethena Labs: “The next generation of stablecoins must be resilient under all market conditions. With USDe, we focus on profit-backed stability mechanisms that ensure users have reliable alternatives to traditional dollar exposure.”

Herd founder and data analysis expert ilemi: “Stablecoins tend to flow to places where infrastructure is well-developed (fast transactions and low cost) and use cases are in high demand. This is particularly evident in meme coins on Solana, where traders need liquidity and instant settlement, making stablecoins a core part of the ecosystem.”

Sam Elfarra, spokesperson for TRON DAO community: “TRON has become the preferred blockchain for stablecoin transactions, processing billions of dollars in transaction volume every day. The trend is clear: USDT on TRON is driving real-world economic activity, especially as stablecoins become the lifeline of payments and savings.”