The world of cryptocurrency continues to evolve at a rapid pace, with stablecoins emerging as a cornerstone of digital finance. According to a recent report titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends” by on-chain analysis platforms Artemis and Dune, the adoption of stablecoins has skyrocketed over the past year. Active stablecoin wallets grew from 19.6 million in February 2024 to over 30 million in February 2025, marking an impressive 53% year-on-year increase. This surge highlights stablecoins’ growing role as a bridge between traditional finance and the crypto ecosystem. Let’s explore the key findings of this report and what they mean for the future of digital currencies.
Explosive Growth in Active Stablecoin Wallets
The 53% increase in active stablecoin addresses—from 19.6 million to 30 million—reflects a significant expansion in user engagement. Stablecoins, known for their price stability (typically pegged to $1), have become a vital tool in the crypto space. The report attributes this growth to several factors, including increased institutional adoption, broader accessibility, and the rising use of stablecoins in payments and decentralized finance (DeFi).
The chart illustrates stablecoin growth between February 2024 and February 2025, data from Artemis.
For the uninitiated, stablecoins differ from volatile cryptocurrencies like Bitcoin or Ethereum because their value remains steady. This stability makes them ideal for everyday transactions, institutional investments, and as a safe haven during market turbulence. The jump in active wallets suggests that more individuals and organizations are recognizing these benefits, integrating stablecoins into their financial strategies.
Total Stablecoin Supply Jumps 63%
Alongside the rise in active wallets, the total supply of stablecoins has also seen remarkable growth. In February 2024, the total supply stood at $138 billion. Fast forward to February 2025, and that figure has climbed to $225 billion—a 63% increase in just one year. Since stablecoins maintain a 1:1 peg with the U.S. dollar, their market capitalization closely mirrors their total supply, unlike other crypto assets that fluctuate wildly in value.
This supply growth underscores the increasing demand for stablecoins across various sectors. From retail users making cross-border payments to institutions leveraging them for large-scale transactions, stablecoins are proving their versatility. The report notes that this expansion aligns with their emergence as a critical component of digital finance in 2024, a trend that has only accelerated into 2025.
Transfer Volume Soars by 115%
Another standout metric from the report is the dramatic rise in stablecoin transfer volume. In February 2024, monthly transfer volume was recorded at $1.9 trillion. By February 2025, this figure had more than doubled to $4.1 trillion, reflecting a staggering 115% year-on-year increase. The peak came in December 2024, when stablecoin transfer volumes hit an all-time high of $5.1 trillion, before tapering slightly in early 2025.
Over the past year, stablecoins facilitated a total of $35 trillion in transfers. As a result, they have cemented their status as a powerhouse in the crypto economy. This surge in volume highlights their widespread use across different sectors. For instance, they are commonly used for small retail transactions. At the same time, large institutional transfers also rely on them. Because of their efficiency, stablecoins have become a go-to solution for value exchange. Moreover, they offer low-cost transactions, making them even more attractive.
Average Transfer Size Remains Stable—With Notable Spikes
While most metrics showed explosive growth, the average transfer size for stablecoins remained relatively steady. It rose only slightly from $676,000 in February 2024 to $683,000 in February 2025. However, the report highlights notable fluctuations during the year. For example, in May 2024, the average transfer size spiked to $2.6 million. Similarly, in July 2024, it reached $2.2 million. These surges suggest periods of heightened activity. Most likely, large holders or institutions were behind these increases.
These fluctuations indicate that stablecoins serve a dual purpose: they’re used for everyday retail transactions as well as high-value institutional moves. Analysts from Artemis and Dune emphasize that this versatility is a key driver behind stablecoins’ widespread adoption.
Why Stablecoins Are Gaining Traction
So, what’s fueling this stablecoin boom? The report identifies several key drivers. First, institutional adoption has soared as companies integrate stablecoins into their treasury management and payment systems. Second, their growing use in DeFi protocols—where they’re often used as collateral or liquidity—has broadened their appeal. Third, stablecoins have become a preferred medium for cross-border payments due to their speed and cost-effectiveness compared to traditional banking systems.
Moreover, stablecoins’ accessibility has improved, with more platforms offering easy on-ramps for users to acquire and spend them. As a result, they’ve become a practical bridge between the fiat world and the crypto economy, appealing to both seasoned traders and newcomers alike.
What’s Next for Stablecoins?
The findings of “The State of Stablecoins 2025” paint a clear picture: stablecoins are no longer a niche asset—they’re a fundamental part of the global financial landscape. With active wallets up 53%, total supply up 63%, and transfer volume soaring 115%, their growth trajectory is undeniable. As we move further into 2025, experts predict that regulatory clarity and technological advancements will further accelerate their adoption.
For now, stablecoins are proving their worth as a stable, efficient, and versatile tool in the ever-evolving world of digital finance. Whether you’re a crypto enthusiast, an institutional investor, or simply curious about the future of money, stablecoins are worth keeping an eye on.
