2025 RECAP | Stablecoin Transactions Hit Record $33 Trillion in 2025, Led by USDC

Stablecoin transaction volumes reached an all-time high in 2025, buoyed by strong flows in digital dollar tokens, according to data compiled by Artemis Analytics and reported by Bloomberg.

Total stablecoin transaction value climbed 72% from the prior year (2024), reaching around $33 trillion, the analytics firm said, as use cases for dollar-pegged crypto surged across trading, payments and cross-border transfers.

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The most active token in the market was USD Coin (USDC), the dollar-pegged token issued by Circle Internet Group Inc., which accounted for about $18.3 trillion in transactions during the year (2025).

Tether’s USDT, another major dollar-linked stablecoin, posted roughly $13.3 trillion in on-chain flows, according to the same data.

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Stablecoins are digital assets designed to maintain a stable value by linking to traditional currencies, most commonly the U.S. dollar, and have become key plumbing for crypto settlement and liquidity.

The record surge in activity followed a series of regulatory moves in the United States that provided clearer legal frameworks for stablecoin use, contributing to broader institutional participation and adoption across financial markets.

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Despite holding a smaller market capitalization than USDT, USDC’s transaction volume surpassed that of its peers, underlining its growing role in decentralized finance and high-frequency settlement.

USDC’s growing market share over USDT was first reported by BitKE back in 2022 when the stablecoins market was ~15% of the crypto market, which is was about ~155 billion at the time.

In one incident, USDT circulation fell by 6.7% over a 30-day period while USDC climbed by 5.7%.

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Analysts say the expanding footprint of stablecoins reflects their increasing utility in cross-border payments, decentralized trading and as a proxy for digital dollar circulation in global finance.

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