The annual stablecoin transfer volume, the total value of transactions made using stablecoins over a year, reached $27.6 trillion, surpassing a combined volume of Visa and Mastercard in 2024 by over 7.68%, says a January 2025 report by crypto exchange, CEX.io.
Tether’s $USDT, the world’s largest stablecoin by market capitalization, accounted for an average of 79.7% of stablecoin trading volume, further solidifying its dominance as stablecoin reserves on centralized exchanges continue to rise.
Ethereum and Tron continued to dominate as the primary networks hosting stablecoins, together accounting for over 83% of the market by the end of 2024.
Meanwhile, $USDC strengthened its position as the leading stablecoin for on-chain activity, making up 70% of the total combined transfer volume. However, despite leading in transaction volume throughout the year, its influence dipped slightly in Q3 2024 due to a temporary drop in dApp activity.
Stablecoin supply surged by 59%, reaching 1% of the total U.S. dollar supply. However, despite surpassing VISA and MasterCard in transaction volumes, stablecoins saw a 13.5% decline in their share of the total crypto market cap, according to CEX.io.
This drop in market share was primarily observed in the third quarter of 2024, coinciding with reduced activity in the broader crypto market.
Total Stablecoin Supply Trends in 2024
The supply distribution among top stablecoins has shifted slightly, with USDT still leading but its total supply share dropping from 70.5% to 67.7%. Meanwhile, USDC’s market share grew from 18.4% to 21.5%, mirroring USDT’s decline.
This rise in USDC’s dominance is partly due to its increasing preference in decentralized finance (DeFi), said the report. In 2024, the total value locked (TVL) in DeFi nearly doubled, driving higher demand for USDC.
As of January 2024, Solana overtook both TRON and Ethereum to become the most active network for stablecoin transactions. This rise in activity played a key role in boosting USDC’s market share, as USDC transactions closely followed Solana’s growth.
Currently, $USDC makes up over 73% of Solana’s stablecoin supply.
Solana’s stablecoin supply has soared in January 2025, surpassing $10 billion for the first time and setting a new all-time high.
STABLECOINS | @solana Stablecoin Volumes Hit an All-Time High Surpassing $10 Billion
A key driver behind this surge appears to be the popularity of Trump family memecoins – $TRUMP and $MELANIA tokenshttps://t.co/qMYbqv6U6z @solana_daily @SolanaStatus pic.twitter.com/nPWJDxVzyy
— BitKE (@BitcoinKE) January 28, 2025
That said, the report reveals that 70% of stablecoin transaction volume in 2024 was related to bot activity. In Solana and Base networks bot transactions accounted for 98% of the volume.
You can access the full report here.
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