Stablecoin transaction volume reached a record $33 trillion in 2025, up 72% from a year earlier, according to data compiled by Artemis Analytics. The rise came alongside a more supportive U.S. policy environment for crypto and broader institutional adoption.
USDC led activity while USDT kept the top market cap
USDC posted $18.3 trillion in annual transaction volume, the largest share among stablecoins. Tether’s USDT followed at $13.3 trillion. Together, the two tokens accounted for most global stablecoin flows. Even so, USDT remained the biggest stablecoin by market capitalization at $187 billion, showing that market value and transaction usage are not moving in lockstep.
The article points to different use cases behind that gap. USDC is heavily used in DeFi, which has kept its on-chain activity high. USDT is more commonly used for payments, business transfers, and as a store of value. That split helps explain why USDC leads transaction flows while USDT still holds the larger market cap.
U.S. policy changes helped draw institutional interest
Policy was a major factor in the expansion. The Genius Act, passed in July 2025, set a clearer legal framework for stablecoins and encouraged broader interest from institutions. The source says Walmart and Amazon have explored stablecoin initiatives, while World Liberty Financial, a venture linked to the Trump family, launched its own token, USD1, in March.
Usage also spread beyond crypto-native participants as the policy climate in the U.S. turned more favorable to the sector. Activity kept climbing through the year. In the fourth quarter alone, stablecoin transactions totaled $11 trillion, up from $8.8 trillion in the previous quarter.
More volume is moving outside decentralized crypto platforms
Artemis data also shows a change in where stablecoins are being used. Total volume increased, but the share of transactions taking place on decentralized crypto platforms declined. That points to growing use in mainstream and real-world settings rather than growth being driven only by DeFi markets.
Bloomberg Intelligence estimates total stablecoin payment flows could reach $56 trillion by 2030. Based on the 2025 figures, stablecoins are already taking a larger role in payments, transfers, and on-chain settlement.