Stablecoin Market Dynamics Shift: USDC Dominance Doubles, Rising Star USDe Emerges
Original Article Title: "The State of Stablecoins 2025: Supply, Adoption & Market Trends"
Original Article Author: Artemis, Dune
Original Article Translation: Yuliya, PANews

Stablecoins are reshaping the global financial system at an unprecedented pace. According to the joint report "Stablecoin State in 2025" released by Dune and Artemis, the stablecoin market has experienced significant growth in the past year, institutional adoption has accelerated, decentralized stablecoins have emerged, and on-chain transaction activity continues to rise.
Market Size and Growth Trends
As of February 2025, the supply of stablecoins has reached $2.14 trillion, with an annual transaction volume of $35 trillion, doubling the size of Visa's annual transaction volume. Market activity is on the rise, with a 53% increase in on-chain active addresses, surpassing 30 million. Institutional funds are flowing in on a large scale, driving deep integration between Traditional Finance (TradFi) and the crypto market.

Shift in USDC and USDT Dominance
Driven by the compliance process and market strategies, USDC and USDT still dominate the market, but there have been subtle shifts in market share.
USDC's market capitalization has doubled to $560 billion, mainly due to regulatory approvals under MiCA and DIFC, the participation of key strategic partners such as Stripe and MoneyGram, and rapid global market expansion.
USDT's total market capitalization has grown to $1.46 trillion, remaining the largest stablecoin by market capitalization, but its market share has declined. Institutional adoption is decreasing, and the focus is gradually shifting to the P2P remittance market, consolidating its position in the global payment sector.

Rise of Decentralized Stablecoins
In the Decentralized Finance (DeFi) ecosystem, the influence of decentralized stablecoins has significantly increased, with several emerging projects achieving breakthrough growth.
· USDe (Ethena Labs): Its market value surged from $1.46 billion to $62 billion, becoming the third-largest stablecoin in the market. The key to its growth lies in its innovative yield strategy and Delta-neutral hedging mechanism.
· USDS (MakerDAO): MakerDAO has rebranded as Sky and launched the compliance-friendly USDS, with a market capitalization reaching $2.6 billion in February 2025. This adjustment has enhanced its competitiveness in the decentralized stablecoin market.

Fund Flows and Industry Distribution
The flow of stablecoins reflects the positioning and competitiveness of different blockchains in the market:
Ethereum remains the primary issuance platform for stablecoins, holding a 55% supply share. Base and Solana have seen rapid growth in transaction volume, driven by the DeFi and Meme coin markets, becoming key on-chain ecosystems for stablecoin circulation. TRON continues to hold a core position in the global P2P payment and cross-border remittance markets, especially in emerging markets, where stablecoins are widely used for payments and savings.

Most stablecoin liquidity is concentrated on centralized exchanges (CEX), with transaction volumes mainly driven by DeFi (DEX, lending, yield farming), reflecting efficient capital flow and innovation.


Core Functions and Future Development
Stablecoins have become a critical infrastructure in the crypto market and are also driving innovation in the traditional financial sector. Industry experts are optimistic about the future development of stablecoins:
"Stablecoins are the lifeline of the crypto market and the superconductor of the financial system. They have opened up new markets and financial opportunities, driving innovation that was previously out of reach." — Rob Hadick, General Partner at Dragonfly
"Stablecoins have significant advantages in cross-border payments. We hope Base will support more local currency stablecoins, allowing global users to transact on-chain with their familiar currencies, thus increasing the adoption of blockchain technology." — Neodaoist, Product Lead at Base
"The next generation of stablecoins must have market resilience. The core of USDe is a yield-backed stability mechanism, ensuring users have a reliable USD alternative." — Conor Ryder, Head of Research at Ethena Labs
"The flow of stablecoins depends on the quality of infrastructure — low cost, fast transactions, and market demand. On Solana, the liquidity for Meme coin trading pairs and instant settlement is high, making stablecoins an indispensable part." — Andrew Hong, Founder and Data Analytics Expert at Herd
「TRON has become the preferred blockchain for stablecoin transactions, with daily trading volumes reaching billions of dollars. USDT on TRON has driven real economic activities, especially in emerging markets, and has become a key tool for payments and savings.」 ——TRON DAO Community Spokesperson Sam Elfarra
You may also like

Morning News | The Hong Kong Securities and Futures Commission announced the regulatory framework for secondary market trading of tokenized investment products; Strategy increased its holdings by 34,164 bitcoins last week; KAIO completed a strategic fi...

What Is an XRP Wallet? The Best Wallets to Store XRP (2026 Updated)
An XRP wallet lets you safely store, send, and receive XRP on the XRP Ledger. Learn what wallets support XRP and discover the best XRP wallets for beginners and long-term holders in 2026.

What are the Top AI Crypto Coins? Render vs. Akash: 5 Gems Solving the 2026 GPU Crisis
What are the best AI crypto coins for the 2026 cycle? Beyond the hype, we analyze top tokens like RNDR, AKT, and FET that provide real-world solutions to the global GPU shortage and the rise of autonomous agents.

What Is a Token in AI? What Is an AI Token + 3 Gems You Can't Miss in 2026
The era of AI hype has transitioned into an era of utility. As we move through Q2 2026, the market is no longer rewarding "narrative-only" projects. At WEEX Research, we are seeing a massive capital rotation into Decentralized Compute (DePIN) and Autonomous Agent coordination layers. This guide analyzes which AI tokens are capturing institutional liquidity and how to spot high-conviction setups in a maturing market.

Consumer-grade Crypto Global Survey: Users, Revenue, and Track Distribution

Prediction Markets Under Bias

Stolen: $290 million, Three Parties Refusing to Acknowledge, Who Should Foot the Bill for the KelpDAO Incident Resolution?

ASTEROID Pumped 10,000x in Three Days, Is Meme Season Back on Ethereum?

ChainCatcher Hong Kong Themed Forum Highlights: Decoding the Growth Engine Under the Integration of Crypto Assets and Smart Economy

Why can this institution still grow by 150% when the scale of leading crypto VCs has shrunk significantly?

Anthropic's $1 trillion, compared to DeepSeek's $100 billion

Geopolitical Risk Persists, Is Bitcoin Becoming a Key Barometer?

Annualized 11.5%, Wall Street Buzzing: Is MicroStrategy's STRC Bitcoin's Savior or Destroyer?

An Obscure Open Source AI Tool Alerted on Kelp DAO's $292 million Bug 12 Days Ago

Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

$600 million stolen in 20 days, ushering in the era of AI hackers in the crypto world

Vitalik's 2026 Hong Kong Web3 Summit Speech: Ethereum's Ultimate Vision as the "World Computer" and Future Roadmap

On the same day Aave introduced rsETH, why did Spark decide to exit?
Morning News | The Hong Kong Securities and Futures Commission announced the regulatory framework for secondary market trading of tokenized investment products; Strategy increased its holdings by 34,164 bitcoins last week; KAIO completed a strategic fi...
What Is an XRP Wallet? The Best Wallets to Store XRP (2026 Updated)
An XRP wallet lets you safely store, send, and receive XRP on the XRP Ledger. Learn what wallets support XRP and discover the best XRP wallets for beginners and long-term holders in 2026.
What are the Top AI Crypto Coins? Render vs. Akash: 5 Gems Solving the 2026 GPU Crisis
What are the best AI crypto coins for the 2026 cycle? Beyond the hype, we analyze top tokens like RNDR, AKT, and FET that provide real-world solutions to the global GPU shortage and the rise of autonomous agents.
What Is a Token in AI? What Is an AI Token + 3 Gems You Can't Miss in 2026
The era of AI hype has transitioned into an era of utility. As we move through Q2 2026, the market is no longer rewarding "narrative-only" projects. At WEEX Research, we are seeing a massive capital rotation into Decentralized Compute (DePIN) and Autonomous Agent coordination layers. This guide analyzes which AI tokens are capturing institutional liquidity and how to spot high-conviction setups in a maturing market.

