The stablecoin market is undergoing a major change: USDC is growing rapidly, and the emerging USDe is emerging

Stablecoins are reshaping the global financial landscape at an astonishing rate. According to the latest "State of Stablecoins in 2025" report, the stablecoin market has achieved significant growth in the past year, with accelerated institutional adoption, the emergence of decentralized stablecoins, and the continuous increase in on-chain transaction activity.

Market size and growth trends

As of February 2025, the stablecoin supply has climbed to $214 billion, with an annual transaction volume of $35 trillion, more than double the annual transaction volume of a well-known payment giant. The market activity increased simultaneously, and the number of active addresses on the chain increased by 53% to more than 30 million. The influx of institutional funds is driving the deep integration of traditional finance with the crypto market.

! Stablecoin market pattern changes: USDC share doubles, rookie USDe emerges

Changes in the landscape of major stablecoins

Driven by the process of compliance and market strategies, there have been subtle changes in the market share of mainstream stablecoins.

USDC's market capitalization doubled to $56 billion, largely benefiting from regulatory approvals, the addition of key strategic partners, and the rapid expansion of global markets.

The total market capitalization of a well-known stablecoin has increased to $146 billion, still maintaining its position as the largest by market capitalization, but its market share has declined. Its focus has gradually shifted to the P2P remittance market, consolidating its position in the global payment field.

! Stablecoin market pattern changes: USDC share doubles, rookie USDe emerges

The rise of decentralized stablecoins

In the decentralized finance ecosystem, the influence of decentralized stablecoins has increased significantly, and a number of emerging projects have achieved breakthrough growth.

USDe's market capitalization skyrocketed from $146 million to $6.2 billion, making it the third largest stablecoin in the market. The key to its success lies in innovative yield strategies and hedging mechanisms.

USDS was launched by a well-known decentralized organization to provide a more compliance-friendly option. As of February 2025, its market capitalization has reached $2.6 billion, enhancing its competitiveness in the decentralized stablecoin market.

! Stablecoin market pattern changes: USDC share is stubborn, rookie USDe has sprung up

Fund flow and industry distribution

The flow trend of stablecoins reflects the positioning and competitiveness of different public chains in the market:

• Ethereum remains the main issuance platform for stablecoins, accounting for 55% of the supply.
• Some emerging public chains are growing rapidly in terms of transaction volume, driven by the DeFi and Meme coin markets, and have become an important ecosystem for the flow of stablecoin funds.
• A well-known public chain continues to occupy a core position in the global P2P payment and cross-border remittance market, especially in emerging markets, where stablecoins are widely used for payments and savings.

Most stablecoin liquidity is mainly concentrated on centralized exchanges, and the trading volume is mainly driven by DeFi (DEX, lending, yield mining), reflecting the efficient flow and innovation of funds.

! Stablecoin market pattern changes: USDC share is stubborn, rookie USDe has sprung up

! Stablecoin market pattern changes: USDC share is stubborn, rookie USDe has sprung up

Core role and future development

Stablecoins have become a critical infrastructure for the crypto market, while also driving innovation in the traditional financial sector. Industry experts are generally optimistic about the future development of stablecoins:

A partner of an investment institution said: "Stablecoins are the lifeblood of the crypto market and the superconductor of the financial system. They open up new markets and financial opportunities, driving innovation that would otherwise be difficult to reach. "

The person in charge of a public chain product pointed out: "Stablecoins have significant advantages in cross-border payments. It is hoped that more local currency stablecoins will be supported in the future, so that global users can use familiar currencies to transact on the chain and increase the popularity of blockchain technology. "

The research leader of a stablecoin project emphasized: "The new generation of stablecoins must have market resilience. At our core is a revenue-backed stability mechanism that ensures users receive a reliable alternative to the US dollar. "

According to a data analysis expert, "the flow of stablecoins depends on the quality of the infrastructure - low cost, fast transactions, and market demand. On some public chains, Meme coin trading has an extremely high demand for liquidity and instant settlement, making stablecoins an indispensable part. "

A spokesperson for a public blockchain community said: "We have become the blockchain of choice for stablecoin transactions, with billions of dollars in daily transactions. A well-known stablecoin has driven real economic activity in our ecosystem, especially in emerging markets, where it has become a key tool for payments and savings. "

! Stablecoin market pattern changes: USDC share is stubborn, rookie USDe has sprung up

! Stablecoin market pattern changes: USDC share is stubborn, rookie USDe has sprung up