Stablecoins Are Reshaping the Global Financial System

This report jointly released by Dune and Artemis, explores the growth of the stablecoin market and its impact on the traditional finance sector.

The rapid development of stablecoins is reshaping the global financial system. In the "2025 State of Stablecoins" report jointly released by Dune and Artemis, data showed that the stablecoin market has seen significant growth in the past year, with accelerated institutional adoption, the rise of decentralized stablecoins, and continued growth in on-chain transaction activity.

As of February, the supply of stablecoins has reached $214 billion, with an annual transaction volume of $35 trillion, twice the size of Visa's annual transaction volume.

The market activity has also increased, with the number of active addresses on the chain increasing by 53% to over 30 million.

Institional funds are flowing in on a large scale, driving the deep integration of TradFi and the crypto market.

Driven by the compliance process and market strategies, USDC and USDT still dominate, but there are subtle changes in market share.

In the DeFi ecosystem, the influence of decentralized stablecoins has increased significantly, and many emerging projects have achieved breakthrough growth.

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

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

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

"Stablecoins are the lifeblood of the crypto market and a super conductor for the financial system. They open up new markets and financial opportunities, driving innovation that would otherwise be out of reach."

— Rob Hadick, General Partner, Dragonfly

"Stablecoins have significant advantages in cross-border payments. We hope that Base will support more local currency stablecoins, so that global users can use familiar currencies to trade on the chain and increase the popularity of blockchain technology."

— Neodaoist, Product Manager of Base

"The new generation of stablecoins must have market resilience. At its core, USDe is a yield-backed stability mechanism that ensures users have access to a reliable alternative to the U.S. dollar."

— Conor Ryder, Head of Research at Ethena Labs

"The flow of stablecoins depends on the quality of infrastructure—low cost, fast transactions, and market demand. On Solana, Meme coin transactions have extremely high demand for liquidity and instant settlement, making stablecoins an indispensable part."

— Andrew Hong, Herd founder and data analysis expert

"TRON has become the blockchain of choice for stablecoin transactions, with billions of dollars in daily transactions. USDT drives real economic activity on TRON, especially in emerging markets, where it has become a key tool for payments and savings."

—Sam Elfarra, TRON DAO community spokesperson