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Author
Ruholamin Haqshanas
Author
Ruholamin Haqshanas
The number of active stablecoin wallets has surged by over 50% in the past year, reflecting growing adoption and engagement within the digital asset ecosystem, according to a joint report by onchain analytics platforms Artemis and Dune.
Titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends,” the report reveals that active stablecoin addresses increased from 19.6 million in February 2024 to 30 million in February 2025, marking a 53% year-on-year growth.
Analysts suggest that this rise indicates a broader shift toward stablecoins as a key bridge between traditional finance and crypto.
Institutional and DeFi Adoption Drives Growth
The report attributes the increase in active stablecoin wallets to growing institutional adoption, expanding use in payments, and rising integration in decentralized finance (DeFi).
These factors have made stablecoins a fundamental component of the digital economy, offering liquidity, stability, and accessibility to users worldwide.
Beyond active addresses, the total stablecoin supply has also surged. In February 2024, the total supply stood at $138 billion, but by February 2025, it had climbed to $225 billion, reflecting a 63% year-on-year increase.
Given that stablecoins are pegged to fiat currencies, their market capitalization mirrors their total supply, reinforcing their increasing role in financial transactions.
Stablecoin usage has expanded not only in supply but also in transaction volume.
The report highlights that monthly transfer volume grew from $1.9 trillion in February 2024 to $4.1 trillion in February 2025, representing a 115% annual increase.
The peak occurred in December 2024, when stablecoin transaction volume hit $5.1 trillion, before experiencing a slight decline in early 2025.
Over the past year, stablecoins facilitated a total of $35 trillion in transfers, underscoring their critical role in digital finance.
While most metrics saw significant increases, average transfer size remained relatively stable, rising slightly from $676,000 in 2024 to $683,000 in 2025.
However, notable spikes occurred in May ($2.6 million) and July ($2.2 million), suggesting periods of heightened whale or institutional activity.
Analysts at Artemis and Dune believe these fluctuations highlight the dual use of stablecoins in both retail transactions and large-scale institutional movements.
Stablecoins Play an Important Role in Financial Ecosystem
Last month, Federal Reserve Governor Christopher Waller weighed in on stablecoins, arguing that U.S. dollar-pegged digital assets could strengthen the dollar’s global dominance.
Waller claimed that stablecoins already play an important role in the financial ecosystem.
They provide a stable store of value for crypto traders, facilitate access to US dollars in high-inflation economies, enable faster cross-border payments, and have shown early but promising use cases in retail transactions.
Prior to that, while speaking at the Atlantic Council, Waller referred to stablecoins as “synthetic dollars”, comparing them to commercial bank money and highlighting their ability to open up new payment possibilities.
He noted that if stablecoins can foster competition, broaden financial inclusion, reduce transaction costs, and make payments faster and more efficient, then they should be embraced.
More recently, Federal Reserve Chair Jerome Powell affirmed the central bank’s support for developing a regulatory framework around stablecoins during a Senate hearing.
This article first appeared at News
