The number of active stablecoin wallets has surged past 30 million, marking a 53% increase from February 2024 to February 2025, according to a joint report by on-chain analysis platforms Artemis and Dune.
The report, titled The State of Stablecoins 2025: Supply, Adoption & Market Trends, underscores the growing role of stablecoins in digital finance.
Stablecoins, which maintain a 1:1 peg to assets like the U.S. dollar or euro, have emerged as a bridge between traditional finance and the cryptocurrency economy. The rise in active addresses signals greater adoption among individuals and institutions, driven by increased usage in payments, decentralized finance (DeFi), and broader accessibility across multiple blockchains.
Institutional Adoption and Market Expansion
Stablecoins are playing an increasingly vital role in financial markets. Over the past year, the total stablecoin supply grew by 63%, reaching $225 billion in February 2025, up from $138 billion in February 2024. Unlike other crypto assets, stablecoins maintain a stable value, meaning their supply directly represents their market capitalization.
Institutional interest in stablecoins has intensified, with asset managers, payment providers, and financial institutions integrating them into their operations. “Stablecoins are the lifeblood of crypto and a superconductor for finance,” said Rob Hadick, General Partner at Dragonfly. “They unlock new markets, capabilities, and financial opportunities that were previously not accessible.”
Stablecoin monthly transfer volume more than doubled year-on-year, rising from $1.9 trillion in February 2024 to $4.1 trillion in February 2025. The highest recorded monthly volume occurred in December 2024, reaching $5.1 trillion.
In total, stablecoins facilitated over $35 trillion in transfers over the past year, surpassing major payment networks like Visa and Mastercard. Visa processed $15.7 trillion in transactions in 2024, while Mastercard handled $9 trillion in Q4 alone.
Despite this explosive growth, stablecoins remain relatively small compared to traditional fiat liquidity. The U.S. M1 money supply stood at $18.4 trillion in January 2025, making stablecoins roughly 100 times smaller. However, their rapid adoption signals potential for further expansion, especially as regulatory clarity improves.
Blockchain Preferences and Usage Trends
The rise in stablecoin activity has varied across blockchains. Ethereum and TRON continue to dominate supply, though Solana and Base have gained market share.
TRON has become the go-to blockchain for stablecoin transactions, processing billions in daily volume. “USDT on TRON is driving real economic activity, especially in emerging markets where stablecoins act as a lifeline for payments and savings,” said Sam Elfarra, Community Spokesperson at the TRON DAO.
Solana’s share of stablecoin liquidity more than doubled from 2.56% in January 2025 to 5.4% in February, largely due to the rise of memecoins and high-speed trading.
Meanwhile, Base saw the most dramatic growth in transfer volume, surging from just $3.7 billion (0.2% market share) in February 2024 to $1.9 trillion (43%) in February 2025.
While stablecoin adoption has soared, the average transaction size has remained relatively stable. The average transfer moved from $676,000 in February 2024 to $683,000 in February 2025. However, notable spikes occurred in May ($2.6 million) and July ($2.2 million), suggesting heightened institutional activity.
Fiat-backed stablecoins continue to dominate, accounting for 91% of the total supply, up from 90% a year ago. Decentralized stablecoins, backed by overcollateralized crypto assets, increased their share to 8.5%, while algorithmic stablecoins saw a decline, reflecting reduced market confidence in uncollateralized models.
