A new report from onchain analysis platforms Artemis and Dune reveals that active stablecoin wallets surged from 19.6 million in February 2024 to over 30 million in February 2025, marking a 53% year-on-year increase.
The study, titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends,” attributes this significant expansion to the growing role of stablecoins as a bridge between traditional finance and crypto. The report highlights increasing institutional adoption, rising usage in payments, and decentralized finance (DeFi) as key drivers of this surge.
Stablecoin Supply Jumps 63%
In addition to the rise in active wallets, the total supply of stablecoins witnessed a substantial increase. According to the report, stablecoin supply grew from $138 billion in February 2024 to $225 billion in February 2025—a 63% jump in just one year.
Since stablecoins are pegged to fiat currencies, their market capitalization closely mirrors their total supply, underscoring their growing dominance in the digital asset space.
Monthly Transfer Volume More Than Doubles
Another striking metric in the report is the rapid increase in stablecoin transfer volumes. In February 2024, stablecoins facilitated $1.9 trillion in transactions, a figure that soared to $4.1 trillion by February 2025—an astonishing 115% year-on-year growth.
December 2024 saw the highest recorded monthly volume at $5.1 trillion before experiencing a slight decline in early 2025. Over the past year, stablecoins processed a staggering $35 trillion in total transactions, cementing their role as a key financial instrument within the crypto economy.
Institutional Activity Remains Strong
Despite stablecoins’ explosive growth, the average transfer size saw only a modest increase, rising from $676,000 in 2024 to $683,000 in 2025. However, the report notes significant spikes in May and July, when average transfers hit $2.6 million and $2.2 million, respectively, indicating heightened institutional or whale activity.
Artemis and Dune analysts believe these fluctuations reflect the broadening adoption of stablecoins across both retail and institutional transactions. As stablecoins continue to integrate into global financial systems, their expanding utility in payments, DeFi, and cross-border transactions is expected to further drive growth in the coming years.
