The latest research from Dune Analytics and Artemis on stablecoins found that the asset class processed over $35 million in transactions as of February.
Dune and Artemis recently published the “The State of Stablecoins 2025” report. The research analyzes the use of stablecoins, their supply and trends between February 2024 and February 2025.
According to “The State of Stablecoins 2025,” the stablecoin transaction volume reached a whopping $35 trillion in 2024. This is more than the transfer value of Visa, the U.S.-based payments giant, worth $15.7 trillion.
The stablecoin supply increased by 63% in the mentioned timeframe–rising from $138 billion to $225 billion.
The monthly transaction volume for these assets also grew by 115%–climbing from $1.9 trillion in February 2024 to $4.1 trillion in February 2025. The number of active addresses rose from 19.6 million to 30 million, showing strong interest from retail and institutional investors.
Most of the institutional and whale transactions happened in May and July last year — the average stablecoin transaction was worth $2.6 million and $2.2 million, respectively.
While USDT’s market cap increased by roughly $50 billion–rising from $96 billion to $146 billion in the mentioned timeframe–its market share slipped from 69% to 64%. One of the clear winners of the new regulatory framework in the EU, called Markets in Crypto Assets (MiCA), was USDC–its value doubled to $56 billion.
Another major player is Etherena’s USDe–rising from $620 million to $6.2 billion. USDe’s growth mostly came from the decentralized finance sector. This suggests, per the research, “increased market confidence in alternative collateral models.”
On the other hand, DAI, one of the long-standing and most popular stablecoins in the market, saw its transaction volume plunge from $470 billion in February 2024 to $130 billion in February 2025. This was due to Maker’s, the company behind DAI, rebranding to Sky and the introduction of USDS to replace the stablecoin.
Most notably, the significant rise in stablecoin transfer volume came as large institutions hopped on the crypto train.
The report found that most of the retail investors prefer using USDT on Tron while USDC became the favored choice for institutional transactions–USDC is more compliant in terms of global regulatory frameworks, especially EU’s MiCA.
Binance even announced that it will delist all non-compliant stablecoins like USDT for its European Economic Area users to prevent any regulatory issues in the region.