A joint report by onchain analysis platforms Artemis and Dune showed that active stablecoin wallets increased by over 50% in one year.
The report, titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends,” showed that from February 2024 to February 2025, active addresses increased from 19.6 million to 30 million. This represents a 53% increase year-on-year.
The onchain analysis platforms said this expansion suggests wider user engagement. The report added that in 2024, stablecoins have emerged as a bridge between traditional finance and crypto, becoming a critical component of digital finance.
Apart from increased institutional adoption, stablecoins’ growing use in payments and decentralized finance (DeFi) and its broader accessibility were cited as some of the reasons spurring the growth of stablecoin active addresses.
Active stablecoin addresses from February 2024 to February 2025. Source: Artemis
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Total stablecoin supply increased by 63% in one year
Apart from the number of active addresses, the total supply of stablecoins also increased. The report highlighted that in February 2024, stablecoins had a total supply of $138 billion. However, in February 2025, the supply reached $225 billion, showing a 63% growth year-on-year.
Unlike other crypto assets, stablecoins maintain a value of $1, meaning their market capitalization is similar to their total supply.
Chart shows stablecoin growth from February 2024 to February 2025. Source: Artemis
In addition to other metrics, stablecoin monthly transfer volume rose in the same time frame. In February 2024, stablecoins’ monthly transfer volume was $1.9 trillion. This increased to $4.1 trillion in February 2025, a 115% year-on-year increase.
The highest recorded volume for stablecoins happened in December 2024, when volumes reached $5.1 trillion. However, this was followed by a decline in 2025. In total, stablecoins facilitated $35 trillion in total transfers over the past year.
Stablecoin monthly transfer volume from February 2024 to February 2025. Source: Artemis
While other metrics showed explosive growth, the average transfer size for stablecoins showed little increase. The figure moved from $676,000 in 2024 to $683,000 after one year.
Despite this, the metric showed spikes in May, where it reached $2.6 million and in July, when it recorded $2.2 million. This suggests heightened whale or institutional activity with stablecoins.
Artemis and Dune analysts said the fluctuations indicate the widespread use of stablecoins in retail and institutional transactions.
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