Global stablecoin usage reached an all-time high in 2025, with transaction volumes soaring 72% year over year to a record $33 trillion, according to data from Artemis Analytics cited by Bloomberg.Â
The figures highlight the accelerating role of dollar-pegged digital assets in payments, trading, and decentralized finance.
USDC emerged as the most-used stablecoin by transaction flow, processing $18.3 trillion in transfers during the year. This allowed it to surpass Tether’s USDT, which recorded $13.3 trillion in transaction volume.
The data suggest a shift in how stablecoins are being used, even as USDT remains the dominant token by market capitalization.
While USDC led transaction activity, USDT continues to dwarf its rival in overall supply. According to CoinGecko data cited in the report, Tether’s circulating market value stands at roughly $187 billion, compared with around $75 billion for USDC.
Despite this gap, Artemis data indicate that USDC’s higher “velocity,” the frequency with which each dollar is reused, gives it an edge in transactional dominance.
This advantage is largely driven by decentralized finance. USDC is the preferred stablecoin on DeFi platforms, where traders frequently enter and exit positions, reusing the same liquidity multiple times.Â
By contrast, USDT is more commonly used for everyday payments, business transfers, and as a store of value, leading users to hold rather than actively circulate it.
The surge in activity was also supported by a more favorable regulatory climate in the United States. Under President Donald Trump, stablecoins gained political backing, including the passage of dedicated legislation under the Genius Act in July.
This clarity encouraged broader institutional interest, with companies such as Walmart and Amazon reportedly exploring stablecoin initiatives.
Looking ahead, Bloomberg Intelligence projects that stablecoin payments could climb to $56 trillion by 2030, underscoring their growing role as digital representations of the US dollar in a volatile global economy.