USDT and USDC lead $239b stablecoin market as international adoption soars
On Might 29, 2025, analysis on stablecoins carried out by Artemis, Citadel Island Ventures, and Dragonfly was launched. The information within the research was supplied by 20 stablecoin payment-focused firms, together with estimates from 11 corporations in adjoining sectors. The report highlights the rising real-world utility of stablecoins.
Stablecoins had been one of the mentioned matters on the Might Bitcoin Convention in Las Vegas, even drawing jokes about how ceaselessly they had been talked about. The importance of the subject can’t be overstated, as stablecoins play a crucial function in selling monetary independence globally. They’re additionally on the middle of the present U.S. Senate debate, the place Democrats and Republicans are on the verge of building a regulatory framework for stablecoins for the primary time.
Stablecoins mix the cross-border accessibility of Bitcoin with the secure worth of belongings such because the U.S. greenback, euro, or gold. This has made them a pure on-ramp into crypto, and a most well-liked device for remittances and sending cash with out counting on conventional banks.
Right this moment, the 2 most outstanding stablecoins, USDT and USDC, have a mixed market capitalization of over $214 billion. Tether, the issuer of USDT, ranks among the many high ten holders of U.S. Treasury payments. Fee giants Visa, Mastercard, and Stripe are actively integrating stablecoin operations, introducing the know-how to their multi-million-user bases. In opposition to this backdrop, the research by Artemis, Citadel Island Ventures, and Dragonfly seems particularly well timed.
Some numbers
In line with the Artemis research, the entire provide of stablecoins is $239 billion. All of the stablecoins are held throughout 150 million pockets addresses.
The researchers emphasised that stablecoins are more and more utilized in on a regular basis financial exercise by hundreds of thousands of customers. The report estimates that from January 2023 to February 2025, $94.2 billion in non-trading stablecoin funds had been settled. Between November 2023 and December 2024, the month-to-month stablecoin fee quantity doubled from about $3 billion to $6 billion.
Main international locations, platforms, and currencies
Survey information revealed that the U.S. and Singapore lead in stablecoin transaction quantity, every accounting for 18% of world utilization. Hong Kong and Japan comply with with shares of practically 10% and eight%, respectively. The UK (6.8%) and Germany (4.5%) rank fifth and sixth, whereas different international locations every account for lower than 3%.
Tron and Ethereum dominate as the highest blockchains for stablecoin exercise, with a mixed market share exceeding 90%. USDT is essentially the most extensively used stablecoin, accounting for over 70% of stablecoin-related transactions between 2023 and 2025. USDC trails behind, surpassing 30% market share solely as soon as, in March 2024. Nevertheless, in international locations resembling India and Argentina, USDC is as extensively used as USDT, and it sees robust adoption within the U.S., Mexico, Nigeria, Uganda, and Kenya.
In line with the research, 99% of stablecoins are pegged to the U.S. greenback and backed by U.S. dollar-denominated devices. “In the event that they had been thought of a nation, stablecoins could be the 14th largest holder of sovereign U.S. debt,” the report states. It additionally quotes U.S. Treasury Secretary Scott Bessent, who underscored the significance of stablecoins in reinforcing the greenback’s international reserve forex standing.
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Varieties of transactions
Whereas peer-to-peer funds had been the dominant use case for stablecoins, business-to-business (B2B) transactions overtook them in mid-2024. Since July 2024, the quantity of B2B transactions has continued to develop, whereas P2P quantity has steadily declined.
The share of card-based stablecoin transactions additionally started rising considerably on the finish of 2023. In February 2025, B2B funds accounted for $3 billion, P2P transactions reached $1.5 billion, and card funds hit $1.1 billion, matching the extent of P2P exercise seen in February 2023, when P2P was the main transaction sort.
Notably, P2P exercise has remained comparatively flat between 2023 and 2025, fluctuating between $1.4 billion and $2.2 billion. In the meantime, B2B, card funds, and business-to-client and prefunding transactions have been on the rise.
Conclusion
Of their conclusion, the researchers notice that stablecoins have developed from a distinct segment fee device right into a “significant device for international funds,” with B2B transactions now main the best way.