A new report by onchain analysis platforms Artemis and Dune highlights the rapid growth of stablecoins in the past year. The study, titled The State of Stablecoins 2025: Supply, Adoption & Market Trends, reveals that active stablecoin wallets increased from 19.6 million in February 2024 to 30 million by February 2025—a 53% year-on-year surge.
According to Artemis and Dune, this rise signals broader user engagement in stablecoins, which are increasingly acting as a bridge between traditional finance and the crypto ecosystem. The report attributes this expansion to greater institutional adoption, rising use in decentralized finance (DeFi), and stablecoins’ growing role in everyday payments.
Total Stablecoin Supply Soars by 63%
The growth in active addresses aligns with a significant increase in stablecoin supply. The total supply jumped from $138 billion in February 2024 to $225 billion in February 2025, marking a 63% rise over the year. Given that stablecoins maintain a pegged value of $1, their market capitalization directly reflects this increase in supply.
Record-Breaking Transfer Volumes
Stablecoin transactions also saw a massive uptick, with monthly transfer volume rising from $1.9 trillion in February 2024 to $4.1 trillion in February 2025—an astonishing 115% growth. December 2024 recorded the highest transaction volume at $5.1 trillion before experiencing a slight decline in early 2025. Over the past year, stablecoins facilitated an impressive $35 trillion in total transfers.
Institutional Activity Remains Strong
Despite explosive growth in wallet activity and transfer volume, the average transfer size saw minimal change, moving from $676,000 in 2024 to $683,000 a year later. However, notable spikes occurred in May and July, with average transfers reaching $2.6 million and $2.2 million, respectively—suggesting heightened whale or institutional engagement.
Also Read: Solana Faces $485M Outflows as Investors Seek Safety in Stablecoins and RWAs
Artemis and Dune analysts conclude that these trends underscore stablecoins’ increasing integration into both retail and institutional transactions, reinforcing their role as a cornerstone of the digital economy. As adoption continues, stablecoins may further cement their place in global financial infrastructure.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
