Active stablecoin wallets increased from 19.6 million in February 2024 to over 30 million in February 2025, according to Artemis and Dune.
Artemis and Dune, two on-chain analytical platforms, collaborated to produce a report that revealed that the number of active stablecoin wallets climbed by more than fifty percent in just one year.
The analysis, titled “The State of Stablecoins 2025: Supply, Adoption, and Market Trends,” demonstrated that the number of active addresses rose from 19.6 million to 30 million during the months of February 2024 and February 2025.
Compared to the previous year, this indicates a 53% increase.This expansion, according to the on-chain analytic platforms, indicates a broader user engagement across the board.
According to the estimate, stablecoins have become an essential component of digital finance by the year 2024, having evolved as a bridge between traditional finance and cryptocurrency. The expansion of stablecoin active addresses has been attributed to several factors, including the expanding use of stablecoins in payments and decentralized finance (DeFi), as well as the improved accessibility of stablecoins.
This is in addition to the increased institutional use of stablecoins. Increasing the total supply of stablecoins was another factor that contributed to the rise in the number of active addresses.
The article underlined the fact that the entire supply of stablecoins in February 2024 was 138 billion dollars. On the other hand, the supply reached $225 billion in February of 2025, demonstrating a year-on-year growth of 63%.
The value of stablecoins remains unchanged at $1, which indicates that their market capitalization is comparable to their total supply. This is in contrast to other crypto assets. Not only did other indicators increase during the same time, but the monthly transfer volume of stablecoins also increased.
Total stablecoin supply increased by 63% in one year
Between February 2024 and February 2025, the monthly transfer volume of stablecoins reached $1.9 trillion. When compared to the previous year, this figure climbed by 115%, reaching $4.1 trillion in February of 2025.
In December of 2024, the volume of stablecoins reached a record high of $5.1 trillion, making it the cryptocurrency with the greatest recorded volume. However, 2025 saw a decline. By the end of the previous year, stablecoins were responsible for facilitating a total of $35 trillion worth of payments.
In contrast to other metrics, which demonstrated tremendous growth, the average transfer size for stablecoins demonstrated very little increase. During the course of one year, the number increased from $676,000 in 2024 to $683,000.
On the other hand, the metric demonstrated significant increases in the month of May, when it reached $2.6 million, and in the month of July, when it recorded $2.2 million.
In light of this, it appears that whale or institutional activity with stablecoins has increased. The variations, according to researchers from Artemis and Dune, are indicative of the broad use of stablecoins in retail and institutional transactions.
