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tablecoins Surpass $221B, Now Represent Over 1% of US Dollar M2 Money Supply
- The stablecoin market has expanded dramatically since 2024, growing by nearly $100B to reach a total supply of $221B. USDT and USDC continued to dominate with a combined market share of 89%. However, USDT’s share declined from 73% to 64%, while USDC increased its share from 20% to 25%. Emerging stablecoins, such as Ethena’s USDe, also gained traction, intensifying competition in the yield-bearing stablecoin sector.
- Beyond the major centralized issuers, new entrants like Ethena’s USDe (+$5.9B) and Usual’s USD0 (+1.1B) have carved out significant market positions. Another stable, FDUSD, initially saw growth from promotional incentives but lost market share as these incentives ended and competition intensified.
- USDC’s outperformance relative to USDT was largely driven by its adoption outside Ethereum’s mainnet. There was explosive growth of over $7.7B worth of USDC on Solana, likely fueled by a surge in memecoin trading activity. USDC also gained significant traction on Ethereum Layer 2 networks such as Base and Arbitrum.
Ethena 🌐
👥 Motilola | Website | Dashboard
📈 USDe Adoption Soars with 18,505 December Buyers, $332M Minted in a Day
- USDe is the synthetic dollar developed by Ethena. On Dec. 5 2024, USDe creation skyrocketed to $332M in a single day as Bitcoin crossed $100K. Mints have cooled since then however.
- A total of 18,505 traders bought in December, marking an increase of 8,044 new buyers from the previous month, despite slightly lower trading volume. This signals broader market adoption of USDe, even as volume dipped.
✏️Editor's Note:Ethena raised $100M from the Franklin Templeton, Fidelity's venture capital arm, and others. The raise happened in December, with multiple news sites breaking the news on Feb. 24.
- While USDe adoption surged, its reserve fund grew from $46M in October to $50M in December, yet the reserve ratio fell from 1.92% to 0.84%. Now, post-Trump election, reserves hit $61M, but coverage remains low at 1.01%. Despite this, the peg holds at $1.0002, just 0.02% from $1.
Dune - @entropy_advisors🔦Transaction Spotlight:This account, which has initiated over 15,000 transaction on Blur, the NFT marketplace, minted USDe nine times in just two days. Collateral ranged from $1.3M to $2.1M. None has been redeemed. The transactions signal USDe adoption is expanding beyond DeFi into NFT space.
USDC 🔵
👥 El Barto | Website | Dashboard
📈 USDC Supply Near All Time Highs at $55B
- USDC has had an impressive run with circulating supply now nearing all time highs at $55B, up ~100% year-over-year. USDC is now available on 19 chains and has 4 chains where supply is over $1B.
- Solana has been a significant driver of USDC supply, with circulating supply increasing from $2.5B in Sept. to over $10B in Feb. Solana has seen a surge of trading volumes which has boosted USDC supply.
- USDC has also been growing steadily on Binance, the world's largest centralized exchange (CEX). After Binance and Circle, USDC's issuer, announced a partnership, supply of the stablecoin accelerated on the platform. Binance represents a key growth vertical for Circle as the stablecoins FDUSD and USDT have thus far been the dominant stablecoins on the CEX.
Artemis (internal)
Ripple USD 💲
👥 Brandyn Hamilton | Website | Dashboard
📈 Despite 70% of Ripple USD Supply Existing on Ethereum, 99% of DEX Trading Volume Occurs on XRP Ledger
- Ripple USD (RLUSD), a stablecoin issued by Ripple, launched in December 2024. Although some data providers report varying figures, onchain data from Etherscan, XRPScan, and the Ripple website confirm a circulating supply of roughly 123M RLUSD at the time of writing. Despite its strong ties to Ripple and the XRP Ledger (XRPL) ecosystem, approximately 70% of the total token supply resides on Ethereum.
- Although more supply exists on Ethereum, XRPL’s native decentralized exchange (DEX) accounts for 99% of DEX-based trading volume. The highest weekly volume so far occurred during the week ending Feb. 9, with combined DEX volume on Ethereum and XRPL approaching $35M. Cumulative DEX volume has now surpassed $120M.
- Over 5% of RLUSD supply, totaling $6.9M, is locked in liquidity pools, with 78% of that amount held in pools on Ethereum. Due to limited timeseries data availability for XRPL assets, it's necessary to manually track RLUSD in XRPL’s DEX since Feb. 18. Liquidity on both chains has remained steady.
USDT 🍐
👥 Henry Child | Website | Dashboard
📈 TON Blockchain Serves as Key Venue for USDT's Expansion
- With a $293B market capitalization, USDT is crypto's largest stablecoin and third most valuable digital asset after BTC and ETH. In The Open Network (TON) USDT has found a source for growth — USDT's TON deployment is the fastest of a stablecoin on any chain to-date, with $1.4B issued in 10 months.
- Aptos has also served as a venue for USDT's expansion — the stablecoin hit a $630M circulating supply in the five months since officially deploying on the blockchain. \
- USDT is held by four times more wallets than all other stablecoins combined. Over 54M on-chain wallets hold USDT, compared to just 13.8M wallets for all other stablecoins — that's nearly a 4-to-1 ratio. This analysis spans 25 stablecoins across 10 blockchains, covering 97.5% of the stablecoin supply.
fastUSD 💵
👥 Vangelis | Website | Dashboard
📈 fastUSD Bridges Institutional Capital and DeFi, Achieved $1.77M Total Value Locked and Revenue Increase to $80K in Three Months
- fastUSD has become Sei Network's first institutional-grade stablecoin, creating a critical bridge between traditional finance and DeFi. With $38.5M in institutional RWA backing from the funds BlackRock BUIDL ($36.2M) and Hamilton Lane SCOPE ($2.2M) via Elixir's deUSD infrastructure, fastUSD enables these TradFi players to participate in DeFi while maintaining their original asset exposure.
- fastUSD's yield-generating capabilities show impressive performance metrics with total income growing from near-zero in November 2023 to approximately $80K by February 2024.
- Elixir's deUSD, which powers fastUSD, maintains robust collateralization with $271.9M in total backing assets across multiple categories.
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