The number of active stablecoin wallets has surged by over 50% in the past year, reflecting growing adoption and integration into digital finance, according to a recent report by on-chain analytics platforms Artemis and Dune.
The report, titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends,” revealed that from February 2024 to February 2025, the number of active stablecoin addresses soared from 19.6 million to 30 million, a 53% year-on-year increase. Analysts noted that this surge points to greater user engagement, further cementing stablecoins’ role as a bridge between traditional finance and the crypto ecosystem.
Beyond the rise in active wallets, the total stablecoin supply experienced significant expansion. The report highlighted that stablecoin circulation grew from $138 billion in February 2024 to $225 billion a year later, reflecting a 63% increase. Since stablecoins are typically pegged to the U.S. dollar, their market capitalization mirrors their total supply.
Transaction activity also saw a sharp increase. Monthly transfer volume jumped from $1.9 trillion in February 2024 to $4.1 trillion in February 2025, representing a 115% surge. The peak transfer volume was recorded in December 2024, reaching $5.1 trillion before declining slightly in early 2025. Over the past year, stablecoins facilitated a total of $35 trillion in transactions.
Despite the overall growth, the average stablecoin transfer size remained relatively stable, inching up from $676,000 in 2024 to $683,000 in 2025. However, notable spikes occurred in May and July, when average transfers reached $2.6 million and $2.2 million, respectively—indicating heightened institutional or whale activity.
Analysts from Artemis and Dune suggested that these fluctuations reflect the increasing use of stablecoins in both retail and institutional transactions, reinforcing their importance in the evolving digital asset landscape.
Notably, a recent report by Bitso’s Latin America Crypto Landscape stated that the growing adoption of stablecoins was also evident in Latin America, where users turned to these digital assets as a hedge against economic instability. Stablecoin purchases on the platform surged in 2024, accounting for 39% of all cryptocurrency transactions—an increase from 30% the previous year. Circle’s USDC and Tether’s USDT were particularly popular among users in the region.
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