Thread by @Dune

1/ Stablecoins are reshaping finance 🏦

Explore all insights, market trends, asset deep dives, and more in "The State of Stablecoins 2025"— a comprehensive report by Dune & @artemis

Link at the end of the thread 🧵

2/ At February '25, stablecoins have reached $214B in supply, facilitating an astounding $35T annual transfer volume—doubling @Visa's annual throughput. Active addresses jumped 53%, reaching 30M.

Institutional adoption is accelerating rapidly, bridging TradFi and crypto like never before.

3/ USDC and USDT dominance

🔹 USDC doubled its market cap to $56B thanks to regulatory clarity (MiCA, DIFC approvals), strategic partnerships ( @stripe, @MoneyGram), and rapid global expansion.
🔹 USDT grew to $146B but lost ground in market share and institutional usage, focusing instead on P2P remittances.

4/ Decentralized stablecoins gained traction

🔹 @ethena_labs's USDe surged from $146M to $6.2B, now the 3rd largest stablecoin, fueled by innovative yield strategies and delta-neutral hedging.
🔹 MakerDAO’s rebrand ( @SkyEcosystem ) and launch of USDS ($2.6B at Feb '25) introduced regulatory-friendly features and secured its competitiveness.

5/ Where do stablecoins flow?

🔹 @ethereum leads in supply (55% share), while @base and @solana surged to dominate transfer volume driven by DeFi and memecoins.
🔹 @trondao remains critical for global informal P2P transfers, especially remittances.

6/ Sector breakdown

Most stablecoin liquidity sits in centralized exchanges, but DeFi—DEXs, lending, yield farming—drives the majority of transfer volume, highlighting dynamic capital usage and innovation.

7/ "Stablecoins are the lifeblood of crypto and a superconductor for finance. They unlock new markets, capabilities, and financial opportunities that were previously not accessible. On-chain data from platforms like Dune and @artemis will be imperative to help investors identify, track and measure innovation and adoption in real-time."

– @HadickM, General Partner at @dragonfly_xyz

8/ "Stablecoins offer clear benefits over traditional financial instruments, especially when moving money across borders. We want more local currency stablecoins on Base, because local stablecoins allow people to transact onchain using the currency they are most familiar with, making this technology more accessible for everyday people."

– @neodaoist, Head of Product at @Base

9/ "The next generation of stablecoins must be resilient in all market conditions. With USDe, we focus on yield-backed stability mechanisms to ensure users have a reliable alternative to traditional dollar exposure."

- @ConorRyder, Head of Research at @ethena_labs

10/ "Stablecoins tend to flow where the infrastructure is right—fast and cheap transactions—and where the use cases demand them. On Solana, we see this clearly with memecoins, where traders need liquidity and instant settlement, making stablecoins an essential part of the ecosystem."

– @andrewhong5297, Founder at @herd_eco and Data Analyst Expert

11/ "TRON has become the go-to blockchain for stablecoin transactions, processing billions in daily volume. The trend is clear: USDT on TRON is driving real economic activity, especially in emerging markets where stablecoins act as a lifeline for payments and savings."

– SamElfarra, Community Spokesperson at the @trondao

12/ Read more about stablecoins in this 25-page report 🔗

dune.com/stablecoin-dow…