Stablecoins, these cryptocurrencies during stable, have a central place in the crypto ecosystem. Indeed, they offer a refuge at volatility to traders in uncertain times. In addition to this, their operation allows them to be more effective than traditional currencies in many cases of applications. In one year, they experienced a dazzling boom, although certain dynamics, such as the dominance of certain actors, remain unchanged.
The key points of this article:
Stablecoins have experienced explosive growth, with a total offer reaching $ 214 billion, marking an increase of 63 % in one year.
The USDC has made a remarkable breakthrough, doubling its total offer and recording 66 % of the volume of the industry, thus shaking up the domination of the USDT.
2024: the year of stablecoins
At the start of 2025, the time is up to the balance sheet. Thus, the teams of Artemis and Dune Analytics joined their forces to make a complete report on The evolution of stablecoins between February 2024 and 2025. This report aims to observe the evolution of stablecoins through several prisms. And the results seem most encouraging. The report begins with several records. On the one hand, on the'Total stablecoin offer in circulation which has after the $ 214 billion mark. It marks an impressive increase in 63 % in one year. And on the other hand, on volumes recorded in one year of 35,000 billion dollars. Which implies a 115 % increase over the past year.
“These figures highlight the growing role of stablecoins in payments, exchanges and decentralized finance. In particular, institutional adoption is accelerating, with asset managers, payment providers and financial institutions that are increasingly exploring the integration of stablecoins. »»
Indeed, it seems that stablecoins attract more and more users. The addresses having exchanged in Stablecoin have gone from 19.6 to 30 million Between February 2024 and 2025. an increase of 53 %.
More and more users for stablecoins.
The domination of centralized stablecoins
Unsurprisingly, the centralized stables still largely dominate the market. Thus, the latter combine 91 % of market share Against 9 % for their decentralized alter egos. Once again, the dynamics seem unchanged as to the Domination of the USDT, with 64 % of market share. However, it seems to be losing momentum, because its domination fell 4 points in one year. And this, for the benefit of its competitor USDCwho saw his Total offer double from 28.5 to 56 billion dollars and counts 24.5 % of market share. However, it is important to note that although the USDC is the privileged stablecoin on exchange platforms, the USDT always dominates peer-to-peer transfers. A newcomer, this time decentralized, is talked about. These are The USDE of the Ethena Protocolwho saw his Offer multiplied by 10from 620 million to $ 6.2 billion. However, it is still anecdotal with only 2.9 % of market share. A growth that has been made in particular detriment of his competitor DaiRebrand in USDS, which saw its market share decrease by 2.1 %.
The USDC shares its competitors
Although it is far from the USDT in terms of total offer, the USDC experienced a significant boom in 2024. So well, that it is the stablecoin which records the more volume of the industry with 66 % of the total volume.
Volume of transfers on CEX and P2P.
“In absolute terms, the USDC transfer volume jumped $ 1,100 billion to $ 2,700 billion during the year. The USDT also doubled its transfer volume, from $ 600 billion to $ 1,200 billion, but its market share decreased from 36 % to 26 % in annual shift, although it briefly exceeded 40 % in the summer of 2024.
In practice, this boom is notably due to the aggressive expansion strategy of Circle. Since the arrival of Coinbase in his consortiumCircle has multiplied partnerships. In particular, we can cite partnerships with the giants of Stripe or Moneygram payments. In addition, Circle has been able to surf regulatory developments. Indeed, its USDC and EURC stablecoins were the first in industry to comply with European regulations Introduced by Mica law. For its part, Europe which sees the stablecoins with a bad eye wishes to set up its own digital central bank currency (MNBC). However, a recent survey shows that 55 % of Europeans do not want to adopt the latter for their daily payments.