Stablecoins are experiencing rapid growth and increasing adoption across the global financial system, with transaction volumes reaching $33 trillion over the past 12 months. The global stablecoin supply has hit an all-time high of approximately $240 billion, with $80 billion added in the past year.
Tether's USD₮ remains the largest stablecoin, with a market cap of $154.6 billion and 433 million estimated users worldwide. USD₮ would rank as the 19th largest holder of U.S. Treasuries if it were a country, with $119 billion held in U.S. Treasuries as of Q1 2025. Tether has also reported 39 million new users in Q1 2025 and processes an average of 15 million transfers per day.
Stablecoins now account for 1.1% of the total U.S. dollar supply, and their adoption is seen as a bridge between traditional finance and blockchain-based systems. Tether (USDT) currently represents 62% of the sector, with $2.55 billion in new supply added this week alone. USDS grew by 14% and PYUSD by 10.6% this week, while FDUSD and DAI slipped and USD1 edged up.
Ripple's RLUSD stablecoin has rapidly expanded, reaching a $244 million market cap within one month and recording a 32.5% increase in outstanding supply over the past week. RLUSD is active on the Ethereum network and has hit new all-time highs.
Major technology companies, including Apple, Airbnb, Google, and X, are reportedly exploring stablecoin integration following Circle's IPO. The growing role of stablecoins is also influencing the Ethereum ecosystem, with stablecoin adoption seen as a driver for Ethereum's mainstream use.
Stablecoins are credited with supporting both the U.S. Treasury and IPO markets. The market cap of stablecoins on Ethereum L2 Lisk has reached $4 million, and supply on Aptos has grown from $430 million to $1.22 billion since the start of the year.
💸 Stablecoin growth isn’t slowing down.
📈 $2.55B added this week, led by Tether.
🪙 USDT now 62% of the sector.
💥 USDS +14%, PYUSD +10.6% this week.
🧊 FDUSD and DAI slipped while USD1 edged up.
The global stablecoin supply is at all-time highs of ~$240 billion.
The stablecoin supply has increased by ~$80 billion in the past 365 days.
That's 2x @aave TVL in the past year.
STABLECOINS:
(1) advance US dollar hegemony
(2) enables the US Treasury to attract deposits on-chain
(3) enable the US to compete with China by paying talented entrepreneurs in USD (weaning them off the China system)
(4) Enable on-chain decentralized banking to compete with
Tether is quietly becoming one of the most used financial networks on Earth.
+ 433M+ users, added 39M users in Q1 alone
+ $USD₮ would rank 19th in U.S. Treasuries if it were a country
+ On track to hit 1 Billion users.
The digital dollar is already here.
Stablecoins aren't the story- they are the infrastructure underneath that's quietly eating finance.
The growth from $250B to $2T won’t be because people want to trade more tokens. It’ll be because stablecoins are finally doing what dollars can’t — move, settle, and earn in real
STABLECOINS AREN’T JUST DIGITAL DOLLARS ANYMORE
They’re becoming banks on-chain...
But here’s the twist: "THEY YIELD 0%."
To win, they’ll need to tokenize real-world assets like T-bills.
But with competition heating up, can they outpace legacy banks and FinTech?
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The global stablecoin supply is at all-time highs of ~$240 billion.
The stablecoin supply has increased by ~$80 billion in the past 365 days.
That's 2x @aave TVL in the past year.
