Dune & Artemis – The State of Stablecoins: Supply, Adoption & Market Trends, 2025

The main theme of the report is the analysis of the stablecoin market for the period from February 2024 to February 2025.

Stablecoins have become an important part of the digital financial infrastructure, bridging traditional finance and the crypto economy. By February 2025, the total supply of stablecoins reached $214 billion, with transfer volumes amounting to $35 trillion over the past year. Institutional adoption of stablecoins is accelerating, with growing interest from asset managers, payment providers, and financial institutions. Despite rapid growth, the volume of stablecoins is still significantly smaller than traditional fiat currency liquidity. Stablecoin transfer volumes have already surpassed those of major payment networks like Visa and Mastercard. There is significant potential for further growth, especially as institutional and regulatory frameworks develop to support stablecoin adoption.