Stablecoin Market Cap Reaches $214B, Transfer Volume Hits $35T in 2024

The stablecoin market has experienced significant growth in 2024, with total supply reaching $214 billion and transfer volume hitting $35 trillion

According to a new report by blockchain analytics firm Dune Analytics and Web3 data provider Artemis Terminal, the stablecoin market has seen explosive growth in 2024, with total supply reaching $214 billion and transfer volume hitting $35 trillion.

Institutions are increasingly adopting stablecoins, which are pegged 1:1 to assets like the U.S. dollar and serve as a critical bridge between traditional finance and the crypto economy. Asset managers and payment providers are integrating stablecoins into their operations, facilitating cross-border payments and enhancing liquidity in digital asset markets.

Despite this growth, stablecoins remain a fraction of traditional fiat liquidity, with the U.S. M1 money supply standing at $18.4 trillion. However, in transaction volume, stablecoins have now surpassed major payment networks.

In 2024 Q4 alone, stablecoins processed $35 trillion in transfers, whereas Visa processed $15.7 trillion and Mastercard processed $9 trillion.

Among stablecoins, Circle's USDC has emerged as the leader in transfer volume, accounting for 66% of total stablecoin transfers, largely driven by institutional adoption for cross-border payments and asset management.

Tron remains dominant in peer-to-peer transactions, especially with USDT, which is heavily used for cross-exchange arbitrage and private transactions.

Moreover, decentralized stablecoins like Ethena's USDe have gained traction, presenting an alternative to centralized stablecoins. USDe, launched in 2022, has seen its market cap reach $6.2 billion, quickly becoming a major player in the stablecoin landscape.

Ethereum continues to be the dominant chain for stablecoin activity, followed by Tron, known for its large-scale DeFi protocols and memecoin trading. Meanwhile, Solana and Base have seen significant growth, largely driven by memecoin trading and DeFi activity.

In particular, Base, the blockchain network powered by Coinbase, has become a hub for regional stablecoins like EURC and BRZ, expanding financial inclusion by offering low-cost, on-chain alternatives for fiat transactions.

The report concludes that stablecoins are playing an increasingly important role in both decentralized and traditional finance, with DeFi applications driving the majority of transfer volume. As regulatory frameworks evolve, stablecoin technology is well-positioned to play an even larger role in global financial infrastructure, according to the Dune and Artemis study.