The figure for the entire period reached $35 trillion, according to data from a report by Artemis and Dune.
By comparison, Visa processed $15.7 trillion in payments over 2024 and Mastercard processed $9 trillion in the fourth quarter alone.
The number of active wallets using "stablecoins" has increased from 19.6 million to 30 million, a 53% increase since February 2024.
"Stablecoins have become a critical component of the digital financial infrastructure, serving as a bridge between traditional finance and the crypto economy," the report's authors stated.
On an asset-by-asset basis, Circle's USDC doubled its market capitalization to $56 billion in 12 months. The main drivers of growth were:
- regulatory advances - MiCA and DIFC licensing;
- strategic partnerships, including Stripe and MoneyGram;
- accelerating global expansion.
Tether's USDT maintained its dominance with a total supply of $146 billion, losing market share and institutional usage. The focus of the asset's usage has shifted to P2P money transfers.
Since February 2024, the capitalization of USDe from Ethena Labs has grown from $146 million to $6.2 billion. The coin has reached the third position by capitalization in the segment. This was helped by "innovative yield strategies and delta-neutral hedging," experts said.
The rebranding of MakerDAO to Sky, the launch of USDS and the introduction of compliance control features ensured the DeFi project's stablecoin competitiveness. The coin's capitalization reached $2.6 billion as of February.
The largest supply of "stable coins" is concentrated on Ethereum - a share of 55%.
Base and Solana sharply increased their performance. These two networks have come to dominate in terms of transaction volume due to DeFi activity and meme coins. Tron remains a "critical" blockchain for "informal" P2P transfers.
"The dominant portion of stablecoin liquidity is concentrated on centralized exchanges, but decentralized finance - DEX, lending, profit farming - accounts for the majority of transfer volume, highlighting the dynamic use of capital and innovation," the report said.
Recall that in March, the total capitalization of "stable coins" exceeded the corresponding figure of Ethereum.
