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- Stablecoin supply grew to $214 billion in 2024 as adoption increased across digital and traditional finance.
- Stablecoins processed $35 trillion in transfers surpassing Visa and Mastercard in transaction volume.
- Active stablecoin wallets rose by 53% in one year reaching 30 million as more users engaged with digital assets.
The stablecoin market experienced significant expansion in 2024. A report by Dune and Artemis showed that total supply reached $214 billion. The total value of transfers throughout the year reached $35 trillion as volumes surged.
Stablecoins, tied to fiat currencies such as the U.S. dollar, have become crucial elements within digital finance systems. They provide liquidity, facilitate cross-border transactions, and integrate traditional finance with the crypto economy.
Institutional Adoption and Market Growth
Institutional involvement in stablecoins has increased. Asset managers and payment firms have embraced stablecoins for their efficiency and cost-effectiveness. Despite the growth, stablecoins remain a fraction of traditional fiat liquidity. The U.S. M1 money supply stands at $18.4 trillion.
However, in transaction volume, stablecoins have surpassed major payment networks. Stablecoins processed $35 trillion in transfers, exceeding Visa’s $15.7 trillion and Mastercard’s $9 trillion in Q4 last year.
USDC leads in transfer volume, accounting for 66% of all stablecoin transactions. USDT remains dominant in peer-to-peer transfers, particularly on the Tron network. Decentralized stablecoins like Ethena’s USDe are also growing. USDe’s market capitalization reached $6.2 billion within a year of its launch.
Ethereum and Tron Lead, Solana and Base Gain Traction
Ethereum and Tron continue to dominate stablecoin activity. However, Solana and Base are experiencing rapid growth. Memecoin trading and decentralized finance (DeFi) activity have driven demand on these networks. Base has become a hub for regional stablecoins, including EURC and BRZ. These assets offer low-cost, on-chain alternatives for fiat transactions, enhancing financial accessibility.
The number of stablecoins used for wallet activities expanded at a 53% rate from February 2024 to February. Active addresses reached 30 million from their initial total of 19.6 million. This growth reflects broader user engagement and rising adoption.
Stablecoin Transfer Volume Reaches $35 Trillion
Stablecoin transfer volumes doubled within a year. Monthly volumes rose from $1.9 trillion in February 2024 to $4.1 trillion in February. December achieved the highest monthly record of $5.1 trillion. The total stablecoin transactions exceeded $35 trillion within the span of a single year.
Stablecoins are playing a growing role in decentralized and traditional finance. DeFi applications continue to drive most transfer volumes. As regulatory frameworks evolve, stablecoins may become even more integrated into global financial systems.
