The stablecoin market reached a significant milestone in May 2025, with total supply surging to an all-time high of $244 billion amid increased adoption and transaction volumes. This remarkable growth signals a major shift in how digital dollars are being used across the crypto ecosystem.
Record-Breaking Stablecoin Activity
According to Artemis data, May saw unprecedented stablecoin activity with over 33 million unique wallets engaging in transactions. This represents a significant increase in adoption, as users increasingly turn to stablecoins for value transfer and DeFi activities. The growing institutional interest in stablecoins, as evidenced by Circle’s recent $7.2B IPO valuation, further validates this trend.
Network Distribution and Growth
The data reveals a clear shift towards more efficient networks, with BNB Smart Chain and TRON leading the charge. BNB Smart Chain recorded over 10 million active stablecoin wallets, while TRON closely followed with 9 million. This migration to faster, cheaper networks highlights users’ preference for cost-effective transaction options.
USDT Dominance and Supply Metrics
Tether’s USDT continues to dominate the stablecoin landscape, adding nearly $4 billion to its supply in May alone. TRON now hosts $78 billion in USDT, surpassing Ethereum’s $73 billion. The total USDT supply has reached $153 billion, while USDC maintains approximately $60 billion in circulation despite recent Solana outflows.
Transaction Volumes Surpass Traditional Finance
Perhaps most impressively, stablecoin payment volumes exceeded $2 trillion over the past 30 days, surpassing traditional payment networks like Visa. The CCTP bridge saw an 83% month-over-month increase, processing $7.7 billion in cross-chain transfers.
FAQs About Stablecoin Growth
- What’s driving stablecoin adoption?
Lower transaction fees, faster settlement times, and increased DeFi participation are key drivers. - Why is TRON becoming the preferred network?
TRON offers significantly lower fees and faster transaction times compared to Ethereum. - How does this affect traditional finance?
Stablecoins are increasingly competing with traditional payment networks, offering faster and often cheaper alternatives.
Featured image from ETF Stream, chart from TradingView
