News 
March 19, 2025 
4 min. 
The use of stablecoin — cryptocurrencies with a stable value pegged to traditional assets such as the U.S. dollar or the euro — has surged significantly over the past year. According to a recent report by Dune and Artemis, the number of active addresses using these digital assets increased by 53%, rising from 19.6 million in February 2024 to 30 million in February 2025.
Currently, the total market capitalization of stablecoins surpasses $214 billion, marking a 63% growth compared to the previous year. However, this market remains relatively small when compared to the traditional financial system. For example, the U.S. money supply (M1)—which measures the total amount of cash in circulation and demand deposits—stands at approximately $18.4 trillion. This amount is nearly 100 times larger than the total supply of stablecoins available today.
Best stablecoin
Among the most widely used stablecoins, USDT (also known as Tether) remains dominant, accounting for 64% of the total market. However, its market share has recently declined due to the rapid growth of another stablecoin, USDC. Issued by the company Circle, USDC has doubled its market presence, reaching $56 billion after securing regulatory approval in the European Union under the MiCA Regulation—a framework designed to oversee digital asset markets in Europe.
Another emerging stablecoin making waves is USDe, a decentralized currency developed by Ethena Labs. Unlike traditional stablecoins, which are backed by reserves in dollars, euros, or government bonds, USDe employs a complex financial strategy known as delta-neutral hedging, using Ethereum-based assets. In simple terms, this strategy protects its value from market fluctuations, ensuring stability. Over just one year, USDe’s total market value surged from $620 million to $6.2 billion.
In terms of financial transactions, stablecoins processed an astonishing $35 trillion in volume in 2024, surpassing even financial giants like Visa and Mastercard.
Institutional vs. Peer-to-Peer Use
USDC is preferred for institutional operations due to its stronger regulatory compliance. On the other hand, USDT dominates informal transactions and peer-to-peer (P2P) operations—which are direct transactions between users without intermediaries. In this landscape, the Tron blockchain stands out, particularly in emerging markets, where it is favored for its low-cost and fast transactions.
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Among blockchain networks—the digital platforms that store and facilitate transfers of these cryptocurrencies—the Base network recorded the highest transaction volume growth, reaching $1.9 trillion in 2024. Base has gained popularity due to its affordability and speed. Meanwhile, Ethereum remains a cornerstone of the decentralized finance (DeFi) sector, while Solana has attracted users engaged in speculative investments, such as memecoins—cryptocurrencies inspired by internet memes.
Experts believe that stablecoins have yet to reach their full potential. Rob Hadick, an executive at Dragonfly, emphasizes that stablecoins are crucial for global financial expansion, as they provide access to financial opportunities previously out of reach. As regulatory frameworks continue to evolve, the growth of these digital assets is expected to accelerate further.
