The Surge of Stablecoin Usage in 2025

TLDR

• Stablecoin retail transfers under $250 hit record $5.8 billion in August 2025, already surpassing all of 2024’s volume.
• Binance Smart Chain captured nearly 40% of retail stablecoin activity while Tron lost market share.
• Ethereum’s total stablecoin supply reached an all-time high of $165 billion after adding $5 billion in one week.
• Survey shows 70% of users in emerging markets use stablecoins more than last year to avoid banking fees.
• Ethereum maintains 57% market share of all stablecoins and 77% of tokenized commodities.

Stablecoin adoption is soaring in 2025, with retail transactions and total supply breaking multiple records. These digital currencies, tethered to traditional assets like the US dollar, are increasingly permeating various blockchain networks.

In August 2025 alone, retail stablecoin transfers under $250 reached a staggering $5.84 billion, according to a report from CEX.io that cites data from Visa and Allium. This figure represents the highest monthly volume for consumer-sized transactions ever recorded, highlighting the sector’s explosive growth. Remarkably, this number has already exceeded the total retail stablecoin volume for all of 2024 with four months still remaining in the year.

Emerging Markets Driving Adoption

The significant growth is largely reflected in emerging markets where users are actively seeking alternatives to traditional banking systems. A recent survey involving over 2,600 consumers across Nigeria, India, Bangladesh, Pakistan, and Indonesia revealed that a vast majority utilize stablecoins to navigate around prohibitive banking fees and sluggish transfer times. A notable 70% of respondents stated that they are using stablecoins more frequently than in the previous year, underscoring a shift in financial behavior among these populations.

Shifting Competitive Landscape

The competitive dynamics among blockchain networks have also evolved this year. Traditionally, Tron has been a go-to choice for retail transfers thanks to its low fees and support for USDT. However, as of 2025, the network has seen a decline in market share, with monthly transaction counts dropping by 1.3 million. Despite still being a significant player, Tron’s growth in volume has lagged compared to its competitors.

Conversely, Binance Smart Chain has emerged as a powerhouse for retail users, capturing nearly 40% of retail stablecoin activity. The network’s transaction count surged by 75% this year, with transfer volume increasing by 67%. Much of this momentum followed a strategic decision by Binance in March to delist USDT for European users, coupled with a renewed interest in memecoin trading on PancakeSwap.

Ethereum’s Dominance

Ethereum continues to solidify its status as a dominant player in the stablecoin arena while simultaneously enhancing retail access. The Ethereum ecosystem, encompassing its base chain and layer-2 networks, accounted for over 20% of the total transfer volume and 31% of transaction counts. Notably, transfers under $250 on Ethereum’s mainnet soared by 81% in volume and an impressive 184% in count.

Recent reports confirm that Ethereum’s stablecoin supply has reached an all-time high of $165 billion, having added approximately $5 billion in new stablecoins over just a week. Token Terminal’s observations highlight that this total has more than doubled since January 2024, although different data providers report slight variations.

Market Share and Institutional Interest

In terms of market share, Ethereum commands a substantial 57% of all stablecoins, significantly outpacing its nearest competitor, Tron, which holds 27%. Solana remains a distant third, capturing less than 4%. This distribution illustrates a preference among users for stability and institutional backing.

Beyond stablecoins, Ethereum is also leading the charge in tokenized assets, boasting $2.4 billion worth of tokenized gold on its network. This total has doubled year-to-date, further solidifying its dominance, particularly in tokenized commodities—Ethereum captures 77% of that market, rising to an impressive 97% when including the layer-2 network Polygon.

Institutional investors are increasingly gravitating toward Ethereum for tokenized products. Fidelity, for instance, launched its Digital Interest Token (FDIT) on September 1, which amassed a total asset value of $203.6 million. This trend reflects traditional finance’s ongoing shift toward blockchain-based financial instruments.

In a compelling display of institutional interest, treasury corporations have accumulated almost 4% of Ethereum’s entire supply in a mere five months. This wave of adoption has contributed to a remarkable surge in ETH prices, which have soared over 200% since April, approaching the $5,000 mark by late August.

The landscape of stablecoins in 2025 illustrates not just remarkable growth but a significant shift in user behavior toward digital currencies, with emerging markets playing a crucial role. As Ethereum and Binance Smart Chain lead the pack, the traditional banking system faces increasing competition from the blockchain world.