Stablecoin Transaction Volume Reaches $35 Trillion in 2024
Dune and Artemis released the report "The State of Stablecoins 2025," analyzing stablecoins' usage, supply, and trends from February 2024 to February 2025.
- Stablecoin transaction volume reached $35 trillion in 2024, surpassing Visa's transfer value of $15.7 trillion.
- Stablecoin supply increased by 63%, from $138 billion to $225 billion.
- Monthly transaction volume grew by 115%, from $1.9 trillion in February 2024 to $4.1 trillion in February 2025.
- Active addresses rose from 19.6 million to 30 million, indicating strong interest from investors.
- Institutional transactions peaked in May and July, averaging $2.6 million and $2.2 million respectively.
- USDT's market cap increased by $50 billion (from $96 billion to $146 billion), but its market share dropped from 69% to 64%.
- USDC's value doubled to $56 billion due to favorable regulatory conditions under the EU’s Markets in Crypto Assets (MiCA).
- Etherena's USDe surged from $620 million to $6.2 billion, driven by decentralized finance sector growth.
- DAI's transaction volume fell from $470 billion to $130 billion amid a rebranding to Sky and the launch of USDS.
- Retail investors favored USDT on Tron, while USDC became preferred for institutional transactions due to compliance with global regulations.
- Binance announced plans to delist non-compliant stablecoins like USDT for users in the European Economic Area.