Dune stablecoin market report fully analyzed: supply explosion, institutional adoption and trend insights

Stablecoins have become a key infrastructure in digital finance, linking traditional finance (TradFi) with the crypto assets ecosystem. As of February this year, the market's annual volume reached $35 trillion, surpassing the payment scale of Visa and Mastercard. With the rapid increase in institutional adoption and the rise of emerging blockchains like Solana and Base, stablecoins are entering a new stage of development.

( The stablecoin bill is about to pass: which TradFi and agreements will benefit? How should investors position themselves? )

The stablecoin market has abundant growth momentum.

1/ Stablecoins are reshaping finance

Explore all insights, market trends, asset deep dives, and more in “The State of Stablecoins 2025″— a comprehensive report by Dune & @artemis

Link at the end of the thread pic.twitter.com/ociR0HJlsX

— Dune (@Dune) March 18, 2025

Stablecoin volume surpasses global payment networks.

Dune's latest Stablecoin Market Report 2025: Supply, Adoption, and Market Trends report notes that while stablecoin market capitalization is still much smaller than traditional fiat liquidity ( the US M1 money supply of $18.4 trillion ) its trading volume has surpassed that of major payment networks.

In 2024, Visa processed 15.7 trillion dollars, while Mastercard's volume reached 9 trillion dollars in the fourth quarter. In contrast, the total transfer amount of stablecoins reached 35 trillion dollars for the year, highlighting their importance in the global financial infrastructure.

(Aptos Founder: 326 million volume surpasses Visa and MasterCard, RWA, stablecoin reshaping global finance)

stablecoin supply and volume surge

From February last year to February this year, the stablecoin supply grew by 63%, from 138 billion USD to 225 billion USD. During the same period, the average monthly volume surged from 1.9 trillion USD to 4.1 trillion USD, a year-on-year increase of 115%, and is expected to reach a historical high of 5.1 trillion USD in December 2024.

User Growth Explosion: Active Addresses Surpass 30 Million

Last year, the number of active addresses for stablecoins doubled alongside the total number of transactions, increasing from 19.6 million to 30 million, a growth of 53%; however, the average transfer amount remained flat, slightly fluctuating between $676,000 and $683,000. This growth was primarily driven by institutional adoption, rising demand for cross-border payments, and the expansion of DeFi applications.

Who is the dominant player in the stablecoin market?

Supply Ranking

USDT ( Tether ): The supply increased from 96 billion USD to 146 billion USD, however, the market share dropped to 64%, shifting focus towards P2P transfers.

USDC (Circle): Benefiting from clear MiCA regulations, market share rises to 24.5%, with supply doubling to 56 billion dollars.

USDe (Ethena Labs): surged 10 times to 6.2 billion USD, becoming the third largest stablecoin.

Volume ranking

USDC: volume 2.7 trillion dollars, market share 66%, firmly at the top.

USDT: volume 1.2 trillion USD, but market share has decreased to 26%.

DAI (Sky): briefly reached a 24% market share in volume in August 2024, and then declined due to the rebranding to (Sky).

Blockchain Competition: Which Chain is Most Favored by Stablecoins?

Ethereum: Market share 55%, still the dominant chain.

Tron: Market share decreased from 35% to 28%, losing some advantages.

Solana: Rapid rise, market share skyrocketing from 1.6% to 5.4%, driven by Meme coin trading.

Base: Increased from 0.2% to 1.8%, an astonishing growth.

Innovative stablecoin highlights: Ethena USDe, Sky USDS, PayPal PYUSD

Ethena USDe

Stabilize prices with a hedging strategy while fiat currency reserves.

Over 60% of USDe is used for staking (sUSDe), with an annual yield of 9%.

Conor Ryder, head of research at Ethena Labs, stated, "The next generation of stablecoins must be able to maintain stability under various market conditions."

We focus on a yield-supported stability mechanism in the design of USDe to ensure that users have a reliable alternative to traditional USD assets.

( Ethena and Securitize launch Converge: an EVM chain designed for institutional-grade tokenized assets )

Sky USDS

MakerDAO has been renamed to Sky, launching USDS to replace DAI.

USDS has a freezing function, causing controversy in the DeFi community.

The Sky platform manages 8.6 billion dollars in collateral assets, of which 44.5% is USDC.

( The governance token Sky performed poorly upon launch, and there are discussions in the MakerDAO proposal to return to the Maker brand ).

PayPal PYUSD

Landing on Solana in May 2024, volume increased by 271%.

Recently, PayPal plans to use PYUSD for commercial payments, further driving adoption.

In March 2025, Mesh raised $82 million, becoming the first investment case settled in PYUSD.

(Fireblocks and Paxos launch a million-dollar grant program to accelerate the adoption of PayPal's stablecoin PYUSD)

Stablecoins are moving towards a new era.

The stablecoin market is expected to experience explosive growth between 2024 and 2025, with volume surpassing major payment networks and a surge in institutional adoption. However, the market still faces challenges from regulatory policies and technological innovations. The rapid rise of emerging blockchains like Solana and Base may further change the liquidity landscape of stablecoins.

As stated by Dragonfly general partner Rob Hadick:

Stablecoins are the lifeline of cryptocurrencies and the superconductors of the financial world. They open up new markets, capabilities, and financial opportunities that were previously unattainable.

(Did Trump's tariffs drive stablecoin market cap to break $500 billion? "Bell Curve": Binance's $2 billion investment, RWA and institutional participation energize the market)

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