Stablecoin transactions hit $35 trillion in 2024, adoption grows 53%

T​he analytical firms Dune and Artemis have published a joint report providing a comprehensive overview of the stablecoin market from February 2024 to February 2025. The report shows that the total stablecoin supply has reached $214 billion, with total transaction volume exceeding $35 trillion over the past year.

Key Takeaways

The study found that 2024 was a strong year for stablecoins, with the market growing by 63%.

Competition intensified, as evidenced by USDT’s declining market share despite quantitative growth and USDC’s increasing share alongside other stablecoins.

The report highlights the importance of full collateralization and regulatory compliance.

Stablecoins act as a bridge between fiat and crypto, meaning their growth reflects the broader crypto market expansion.

A Year of strong growth

The report states that the stablecoin market grew by 63% in 2024, from $138 billion to $225 billion over the reporting period. Monthly stablecoin transfer volume also surged from $1.9 trillion in February 2024 to $4.1 trillion in February 2025, marking a 115% year-over-year increase. In total, stablecoins facilitated more than $35 trillion in transfers throughout 2024.

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Analysts observed that active stablecoin addresses increased from 19.6 million to 30 million, reflecting a 53% YoY growth. The report notes that this expansion underscores wider user participation, driven by institutional adoption and increased use in payments and DeFi.

Trust in fully collateralized models

Most stablecoins remain fiat-backed, with 91% of total supply collateralized by cash reserves or short-term government securities. Dune analysts state that this reflects growing confidence in fully-backed models.

Additionally, 8.5% of stablecoins are backed by overcollateralized digital assets, signaling rising adoption of decentralized stablecoins. The shift highlights a preference for strongly collateralized stablecoins, particularly as regulatory scrutiny intensifies.

"Stablecoins are the lifeblood of cryptocurrency and a superconductor for finance. As their use cases expand, on-chain data from platforms like Dune and Artemis will be critical for investors to identify, track, and measure innovation and adoption in real time," said Rob Hadick, General Partner at Dragonfly.

Dynamic growth of stablecoin market participants

Dune’s analysis shows that USDT supply grew from $96 billion to $146 billion but lost market share, dropping from 69% to 64%. Meanwhile, USDC’s market share increased to 24.5%, doubling in supply from $28.5 billion to $56 billion (+4% market share).

Stablecoin supply from February 2024 to February 2025.Source: Dune

USDT remains the largest stablecoin by supply, while USDC leads in transfer volume, increasing its market share from 56% in February 2024 to 66% in February 2025.

USDC transfer volume doubled from $600 billion to $1.2 trillion, though its overall market share declined from 36% to 26% YoY.

USDT added 5 million active addresses, increasing from 14.4 million to 19.9 million, but its market share fell from 73% to 66% YoY.

USDC active addresses grew from 3.8 million to 6.8 million, rising from 19.5% to 22% market share.

A key factor in USDC’s growth was increased regulatory clarity and compliance. Its issuer, Circle, became the first stablecoin provider to obtain an EU Markets in Crypto-Assets (MiCA) license last year. Circle also complied with Canada’s listing rules in December and became one of the first stablecoins recognized by the Dubai International Financial Centre (DIFC).

Additionally, USDC expanded its strategic partnerships, including a collaboration with Stripe, allowing merchants to accept stablecoin payments in USDC on Ethereum, Solana, and Polygon.

Another standout performer was USDe by Ethena, which surged from $146 million to $6.2 billion by February 2025, securing the third-largest supply share (2.9%).

Meanwhile, MakerDAO’s DAI (rebranded as Sky) declined from $4.9 billion to $4.7 billion, dropping its market share to 2.1%. However, Sky’s USDS stablecoin gained traction, adding $2.6 billion in supply and capturing an additional 1.2% market share.

While stablecoins still lag behind traditional currency markets, where daily OTC FX transactions averaged $1.1 trillion in April 2024, the report suggests that stablecoins have significant growth potential, especially as institutional frameworks and regulations evolve to support their adoption.

As we wrote, stablecoin adoption is on the rise as investors seek financial stability amid volatile markets, with Circle’s USDC and Tether’s USDT emerging as leaders.