Dune Analytics and Artemis stablecoin report on supply, adoption and market trends

Dune analytics firm and Artemis have released a collaborative analysis that provides a comprehensive overview of the stablecoin market from February 2024 to February 2025. Dune said it excluded March 2025 to ensure accuracy since the month’s complete data was not yet available at the time of publication.

The firms also noted that institutional adoption was accelerating, with asset managers, payment providers, and financial institutions increasingly exploring stablecoin integration.

Dune and Artemis show stablecoin growth YoY

Dune and Artemis reported that the total stablecoin supply had reached $214 billion as of February 2025, with $35 trillion in transfer volume over the past year. The report stated that stablecoins had also surpassed Visa’s annual throughput at $15 trillion and matched Mastercard’s with $9 trillion in Q4 alone. 

The report indicated that the majority of stablecoins remained fiat-backed, with 91% of the total supply backed by cash reserves or short-term government securities. Dune analytics argued that it reflected growing trust in fully collateralized models. The report also highlighted that 8.5% of the stablecoins were backed by overcollateralized digital assets, which showed increased adoption of decentralized stablecoins. Both firms said that the shift showed a preference for stablecoins with stronger collateral frameworks, particularly as regulatory scrutiny intensified.

“Stablecoins are the lifeblood of crypto and a superconductor for finance. As the use cases expand and evolve, 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.”

-Rob Hadick, General Partner at Dragonfly.

Dune analytics indicated that USDT grew from $96B to $146B but lost market share, plummeting from 69% to 64%. The firm also noted that USDC currently accounted for 24.5% of the market after it doubled from $28.5B to $56B, which was a 4% surge. 

The report noted that USDT remained the largest stablecoin by supply, while USDC took the lead in transfer volume by increasing its market share from 56% in Feb. 2024 to 66% in Feb. 2025.

The report showed that the key driver of USDC’s growth was increased regulatory clarity and compliance. USDC’s issuer Circle became the first stablecoin provider licensed under the EU’s Markets in Crypto Assets (MiCA) framework last year. The company also met Canadian listing rules in December. USDC and ERC also became the first stablecoins recognized by the Dubai International Financial Center (DIFC).

The USDC issuer also expanded its strategic partnerships by collaborating with Stripe, which now enables merchants to accept stablecoin payments with USDC on Ethereum, Solana, and Polygon.

Dune analytics said that Ethena’s USDe was also one of the biggest gainers, rising from $146 million to $6.2 billion in February. The stablecoin was currently ranked as the third-largest by supply (2.9%) at the time of publication. Marker DAI (rebranded Sky) decreased from $4.9B to $4.7B, with its market share dropping to 2.1%. Sky’s USDS gained traction by adding $2.6B in supply and captured an additional 1.2% market share.

Stablecoins transfer volume and active addresses surge YoY

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 🧵 pic.twitter.com/ociR0HJlsX

— Dune (@Dune) March 18, 2025

Stablecoin volume remained below traditional foreign exchange markets, where daily OTC forex transactions averaged $1.1 trillion in April 2024. The report stated that stablecoins showed room for further growth since institutional and regulatory frameworks continue evolving to support their adoption.

Dune and Artemis found that the stablecoin market surged by 63% in 2024, from $138 billion to $225 billion over the observed period. Stablecoin monthly transfer volume also increased from $1.9 trillion in February 2024 to $4.1 trillion in February 2025, marking a 115% YoY increase. The report noted that stablecoins had facilitated over $35 trillion in total transfers in 2024.

USDC increased its transfer volume from $600 billion to $1.2 trillion, but its market share declined from 36% to 26% YoY. DAI also surged in transfer volume and peaked at 24% in August before it declined after Maker’s rebranding to Sky and the introduction of USDS.

The firms found that the number of stablecoin active addresses increased from 19.6 million to 30 million during the same timeframe, marking a 53% YoY surge. The report noted that the expansion highlighted wider user engagement driven by growing institutional adoption and increased usage in payments and DeFi.

Both firms reported that USDT gained 5M active addresses from 14.4M to 19.9M but lost market share from 73% to 66% YoY. USDC also rose from 3.8M to 6.8M, gaining from 19.5% to 22%. Lista DAO’s lisUSD accounted for 6% of all active addresses in February 2025.

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