The stablecoin market has reached a significant milestone, with the total number of holding addresses exceeding 100 million. Market capitalization and active address counts have remained notably stable, reflecting sustained adoption and usage across major blockchain networks. Here’s a closer look at the performance and trends of leading stablecoins as of 2025.
Market Overview
The stablecoin sector continues to demonstrate resilience and growth. Since the previous reporting period, the number of addresses holding stablecoins increased by 13%, rising from 95 million to 107 million. Total market capitalization also saw a modest uptick, growing by 2.5% to reach $166.3 billion.
While the number of active addresses did not set new records, it remained consistently high. In May, active addresses surpassed 21 million, indicating robust user engagement.
New regulatory frameworks, such as the Markets in Crypto-Assets (MiCA) legislation in the European Union, came into effect in mid-2024. These rules imposed significant restrictions on stablecoin issuers and trading platforms. Notably, some exchanges delisted Tether’s USDT in compliance. Although some expected these rules to boost euro-denominated stablecoins, their market capitalization saw only a slight increase post-implementation.
Despite the overall market growing by just 2.5%, several stablecoins recorded impressive gains. Ethena’s USDe saw its market cap increase by over $1 billion, reaching a total of $3.4 billion. Other notable performers included USD0, which grew from zero to $170 million, and PayPal’s PYUSD, which nearly tripled to almost $600 million, primarily on the Solana network. Aave’s GHO also doubled its market cap, approaching $100 million.
For those interested in emerging stablecoin opportunities, consider platforms that offer real-time analytics and investment tools.
PayPal USD (PYUSD)
PayPal launched its stablecoin, PYUSD, in partnership with Paxos in August 2023. The circulating supply has grown steadily since then, recently surpassing $598 million across all supported blockchains. Initially launched on Ethereum, PYUSD expanded to Solana, where it has gained significant traction.
Monthly trading volume for PYUSD on Solana hit a new high of $1 billion in July, demonstrating growing liquidity and user acceptance. While its overall share of stablecoin trading volume remains modest compared to giants like USDT and USDC, its growth trajectory is promising.
Institutional interest is also rising. A single transaction of 30 million PYUSD on Solana accounted for 86% of the daily volume on June 20. Analysis suggests this large transfer may be linked to market makers, indicating growing professional engagement.
USD Coin (USDC)
USD Coin has had a strong year, with its circulating supply growing by 35% since January to reach $33.6 billion. It is now supported on 16 different blockchains, with four of those chains holding individual supplies exceeding $1 billion.
Ethereum remains the dominant chain for USDC, hosting $25.3 billion of the supply. However, Solana and Base have seen substantial growth over the past year, now holding $2.19 billion and $2.96 billion, respectively.
USDC plays a critical role in the decentralized finance (DeFi) ecosystem. The top five holders of USDC are all major DeFi applications, including Uniswap, dYdX, and Aave. These platforms rely on USDC as a primary stable asset for trading, lending, and liquidity provision.
Circle’s Cross-Chain Transfer Protocol (CCTP) has also seen remarkable adoption. This permissionless on-chain tool facilitates the secure transfer of USDC between blockchains via native burning and minting. Since the beginning of the year, CCTP’s market share has grown from 19% to over 40%.
Tether (USDT)
Tether continues to dominate the stablecoin landscape. On Ethereum, USDT is the most-traded ERC-20 token, with a daily trading volume of $31.5 billion—more than the combined volume of the top 20 other ERC tokens.
The TRON network is where USDT sees its most profound adoption. Daily transaction volumes and unique holder counts on TRON lead the market. The volume of transactions between $1 and $10,000 has risen significantly year-over-year, indicating sustained real-world use for peer-to-peer and business-to-business payments.
USDT’s smart contract on Ethereum is also one of the most active. Over the past 30 days, it consumed the third-largest amount of gas, worth over $3 million.
Distribution data further confirms USDT’s broad adoption. On TRON, 58.6% of USDT holdings are distributed outside the top 500 accounts, indicating widespread ownership rather than concentration among a few large holders.
TRON-Based Stablecoins
TRON has established itself as a highly accessible and useful blockchain, particularly for stablecoin transactions. In 2024, the supply of USDT on TRON increased by $11 billion, making it the first blockchain to host a single stablecoin with a value exceeding $600 billion.
As of July 2024, the total value transferred on the TRON network surpassed $13 trillion, and the total number of accounts reached 245 million.
Peer-to-peer (P2P) transactions are a cornerstone of decentralized finance. TRON consistently leads in this metric, with P2P transfer volumes regularly doubling or tripling those on Ethereum.
Most holders of TRC-20 USDT are retail users. Data shows that 526,000 users hold balances under $1,000. Nearly one-third of all USDT transactions on TRON are for amounts under $100, with 15% below $10—highlighting its use for small everyday payments.
Blockchain-based payment providers like Orbital have emphasized the importance of USDT payments in emerging markets. The company processes millions of transactions annually, with 98% occurring on the TRON blockchain and 99% using Tether’s USDT.
eUSD & USD3
The Reserve Protocol is a free, permissionless platform for creating, deploying, and managing asset-backed currencies known as RTokens. These tokens are typically backed by a basket of yield-generating assets and are over-collateralized by the Reserve Rights (RSR) token.
In 2024, the total value locked (TVL) in the Reserve Protocol grew by approximately 600%, rising from around $40 million to about $240 million. This includes $212.1 million in RToken backing and $24.1 million in RSR over-collateralization.
About a quarter of the RToken market capitalization comes from stablecoin RTokens, such as USD3 ($32.4 million) and eUSD ($22.3 million).
Different RTokens cater to varying risk and return preferences. Web 3 Dollar (USD3) focuses on holder rewards, distributing 85% of yields to RToken holders. Its supply grew from just over $1,000 to more than $32 million over the past year.
Electronic Dollar (eUSD) emphasizes stability and broad adoption. It incentivizes RSR staking with 94% of yields and plans to share revenue with fintech applications that integrate it. eUSD supports consumer fintech applications in the United States and Latin America by sharing DeFi yields.
For a deeper understanding of how these stablecoins work and their potential benefits, you can explore advanced DeFi strategies.
Frequently Asked Questions
What is a stablecoin?
A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, like the U.S. dollar or gold. They are widely used for trading, remittances, and as a safe haven during market volatility.
Why has USDT maintained its dominance?
USDT benefits from first-mover advantage, deep liquidity, and extensive integration across exchanges and payment platforms. Its widespread use in emerging markets for everyday transactions also supports its leading position.
How do regulatory changes like MiCA affect stablecoins?
Regulations like MiCA impose compliance requirements on issuers and exchanges, potentially leading to the delisting of non-compliant stablecoins. They aim to increase transparency and protect consumers but may also limit options for users in regulated regions.
What is the difference between USDC and USDT?
USDC is known for its regulatory compliance and transparency, with regular attestations of its reserves. USDT offers broader liquidity and is more widely used in global trading and payments, though it has faced scrutiny over its reserve audits.
Can stablecoins like eUSD generate yield?
Yes, some stablecoins, like eUSD and USD3, are designed to distribute yields generated from their underlying asset baskets. This allows holders to earn returns while maintaining exposure to a stable-value asset.
What blockchain has the most stablecoin activity?
Ethereum and TRON are the two largest blockchains for stablecoin activity. TRON leads in transaction volume and small-value transfers, while Ethereum dominates in DeFi integration and smart contract usage.
Data and trends updated as of 2025. The stablecoin market is dynamic, and users should conduct their own research before making financial decisions.