The total supply of stablecoins as of last month reached 214 billion US dollars.

At the same time, the annual transfer volume stands at $35 trillion, twice that of Visa.

The total supply of stablecoins last month reached $214 billion, and the annual transfer volume is $35 trillion, twice the volume of Visa, according to the latest report by Dune.

At the same time, the number of active addresses has jumped by 53% and now stands at a net of 30 million.

Comparing the dominance of USDC and USDT, it appears that USDC’s market cap doubled to $56 billion due to recent MiCa and DIFC approvals. It also made partnerships with MoneyGram and Stripe. At the same time, USDT grew to $146 billion but is more focused on P2P remittances.

USDe by Ethena Labs went up to $6.2 billion from $146 billion and now stands as the third-largest stablecoin by market cap.

According to Dune, stablecoin liquidity primarily sits on centralized exchanges. However, DEXs, yield farming, and lending protocols generate most of their transfer volume.

When it comes to the flow of stablecoins, Ethereum is leading with a 55% market share. According to Dune, this is driven by DeFi protocols such as Aave, Circle, and Chainlink.

On the other hand, Solana and Base are dominating the transfer volume due to meme coins and DeFi.

The Head of Product at Base stated that stablecoins offer clear benefits over traditional financial instruments, especially when moving money across borders.

“Stablecoins are a key part of the emerging Web3 financial ecosystem, offering clear benefits over traditional financial instruments, especially when discussing use cases such as moving money across borders or accessing financial services in underserved markets. Despite the narrative that DeFi is "dead," we continue to see strong activity in lending protocols and DEXs, which contributes to the vast transfer volumes we observe. It will be interesting to see how these trends develop further in the coming months,” said researchers at Dune.