USDT and USDC are still the largest stablecoins.
In February 2025, the market capitalization of USDT stood at $146 billion as it occupied 64% of the stablecoin market share. Meanwhile, the market cap of USDC stood at $56 billion as it occupied 24.5% share.
Both the stablecoins have a combined market share of 88.5%.
The finding is part of the latest report on stablecoins jointly penned by leading on-chain analytics platforms Dune and Artemis.
The report claims to be a comprehensive overview of the stablecoin market from February 2024 to February 2025.
A stablecoin is a type of cryptocurrency that attempts to maintain a stable value by being pegged to a relatively stable asset such as a fiat currency or a commodity. While a stablecoin offers typical crypto benefits such as fast transactions and decentralization, it manages to avoid the general volatility of the crypto market.
USDT and USDC are stablecoins issued by Circle and Tether respectively that are pegged 1:1 to the US Dollar.
During February 2024 - February 2025, the market cap of USDC increased twofold from $28.5 billion to $56 billion due to increasing regulatory clarity and compliance. In 2024, Circle received a license under the EU’s Markets in Crypto Assets (MiCA) framework.
During the same period, the market cap of USDT grew from $96 billion to $146 billion.
USDT and USDC also dominate the active stablecoin addresses. Active USDT addresses grew from 14.4 million to 19.9 million. Those on USDC grew nearly twofold from 3.8 million to 6.8 million. While USDT lost market share from 73% to 66% year-on-year (YoY), USDC's share grew from 19.5% to 22% YoY.
During the one-year period, the total stablecoin supply grew by 63% from $138 billion to $225 billion, with institutional adoption accelerating.