March 20, 2025
USDT & USDe Surge
A recent report by Dune revealed that active addresses increased by 53%, reaching a net total of 30 million. In terms of market dominance, USDC’s market cap surged to $56 billion, driven by recent approvals from MiCa and DIFC, along with partnerships with MoneyGram and Stripe.
Source: CEX.io
Meanwhile, USDT grew to $146 billion, with a stronger focus on P2P remittances. USDe, created by Ethena Labs, also rose from $146 billion to $6.2 billion, making it the third-largest stablecoin by market capitalization.
Better Than Traditional Finance
According to Dune, most stablecoin liquidity resides on centralized exchanges. However, decentralized exchanges, yield farming, and lending protocols account for the majority of the transfer volume.
In terms of stablecoin flow, Ethereum leads with a 55% market share. Solana and Base are also seeing significant transfer volumes, largely due to meme coins. As the Head of Product at Base mentioned, “Stablecoins offer clear benefits over traditional financial instruments, especially when moving money across borders.”
